Investor Roadshow Frankfurt, 22 May 2019

Thomas Kölbl (CFO)

Südzucker Group, page 1 FINANCIAL TRANSPARENCY

Agenda

1. Overview and strategy page 3 2. Capital Market and Financing page 12 3. Development non-sugar-segments page 18 4. Development segment sugar page 42 5. Financial Highlights 2018/19 page 53 6. Outlook 2019/20 page 60 7. Appendix  Long-term development and key figures page 66  Additional information page 73

Südzucker Group, page 2 FINANCIAL TRANSPARENCY

Südzucker Group at a glance

 Global operating German food group with Group Revenues 6.8 bn €* long-standing corporate history and diversified business model:  1837: Foundation of first sugar company  1926: Foundation of Süddeutsche Zucker-AG  ~ 100 production facilities* Sugar  ~ 19.200 employees, worldwide* (38%) Fruit  Majority shareholder / Key shareholders: (17 %)  Süddeutsche Zuckerrübenverwertungs- Genossenschaft eG: 58 %  Zucker Invest GmbH: 10 % Special  Stock exchange listing in Germany Products  SDAX-member (34 %)  Trading volume*: ~ 0.9 mn shares/day  Sustainable investment grade rating CropEnergies (10%) * Financial year 2018/19

Südzucker Group, page 3 FINANCIAL TRANSPARENCY

Südzucker Group: Key ratios 2018/19

Revenues EBITDA Operating Result

6.8 bn € 354 mn € 27 mn €

prev. year: 7.0 bn € prev. year: 757 mn € prev. year: 445 mn €

Net Financial Debt/Cash flow Cash flow Cash flow/Revenues 3.0x 377 mn € 5.6 %

prev. year: 1.2x prev. year: 693 mn € prev. year: 9.9 %

Südzucker Group, page 4 FINANCIAL TRANSPARENCY

Return on Capital Employed (RoCE)*

6,650

6,072 6,012 6,032 5,950 5,873 5,877 5,791

Capital Employed (mn €)

RoCE (%) 16.3 % 10.6 % 3.1 % 4.2 % 7.1 % 6.7 % 0.4 % 6.9 %

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Ø 7 years

 Sugar 22.4 % 13.7 % 0.2 % -2.6 % 2.3 % 4.2 % -9.0 % ~4.5 %  Non-sugar 9,5 % 6,9 % 6,4 % 11,6 % 12,4 % 9,1 % 7,8 % ~9,1 %  Special Products 9.5 % 6.3 % 8.7 % 11.9 % 12.2 % 7.7 % 7.3 % ~9.1 % RoCE Group  CropEnergies 17.3 % 6.4 % -2.2 % 17.7 % 20.4 % 15.9 % 7.2 % ~11.8 %  Fruit 5.0 % 8.1 % 8.4 % 7.5 % 8.3 % 9.0 % 9.3 % ~7.9 %

* Capital Employed decrease mainly driven by goodwill impairment segment sugar FY 2018/19

Südzucker Group, page 5 FINANCIAL TRANSPARENCY

Group strategy

advance diversification synergy usage take benefit of strengthen megatrends market position

support and stipulate employees

continue solid financing strategy / target value- oriented investments focus on core competences increase shareholder value act sustainable

Südzucker Group, page 6 FINANCIAL TRANSPARENCY

Synergy example: Zeitz site- five composite factories

Starch CO2- factory Liquefaction

Sugar factory Neutral alcohol factory

Bioethanol factory

Südzucker Group, page 7 FINANCIAL TRANSPARENCY

Portfolio benefits from long-term megatrends

mn t USD

8,000 218,000 12,000 per capita income population growth 178,000 6,000 worldwide 8,000 worldwide 138,000

98,000 4,000 sugar consumption 4,000 worldwide 58,000 emerging markets

2,000 18,000 ,0

Sources: United Nations, F.O. Licht, ERS International Macroeconomic Data Set Source: ERS International Macroeconomic Data Set

mn barrel / day USD / barrel mn t 120 120 1,000 oil consumption 100 100 ,800 80 80

60 60 ,600 global 40 40 ,400 animal feed production 20 crude oil price 20 0 0 ,200

Source: BP, EIA Source: USDA

Südzucker Group, page 8 FINANCIAL TRANSPARENCY

… with volatile and cyclical market conditions and …

White sugar (€/t) Wheat / Maize (€/t) Ethanol (€ / m³) 350 800 650 750 300 550 700 250 650 450 200 600 350 550 150 500 250 100 450 400 150 50

EUR/USD 1,70 Brent (USD/barrel) 6,0 3M-Euribor (%)

1,60 150 5,0

1,50 4,0

1,40 100 3,0

1,30 2,0 50 1,0 1,20 0,0 1,10 0 -1,0 1,00

Südzucker Group, page 9 FINANCIAL TRANSPARENCY

…environment influenced by political decisions  Global trade Brasil EU  Coupled payment  WTO  Change of government for beet growing   RenovaBio program NAFTA  Prohibition of   Currency development CETA Neonicotinoids  TTIP  RED II (renewable  … energy directive)

Südzucker Group, page 10 FINANCIAL TRANSPARENCY

Agenda

Südzucker Group, page 11 FINANCIAL TRANSPARENCY

Three strong anchors in the capital market

Südzucker AG

Zucker Invest Freefloat (32%) GmbH (10%)

Market Cap 2.8 bn €

SZVG* (58%)

AGRANA Beteiligungs-AG CropEnergies AG

Südzucker indirect Südzucker Südzucker (69%) via Z&S** (39%) direct (3%)

Market Market Cap Freefloat Cap 1.2 bn € (19%) 0.5 bn €

SZVG* (6%) Z&S** (78%) Freefloat (25%)

Südzucker Group, page 12 * Süddeutsche Zuckerrübenverwertungs-Genossenschaft eG ** Z&S Zucker und Stärke Holding AG (~50% Südzucker, ~50% ZBG (Zucker-Beteiligungsgesellschaft m.b.H.)) FINANCIAL TRANSPARENCY

Investment Grade Rating

Rating agency Long-term rating Short-term rating

BBB - * A – 3 * Stable Outlook **

Baa3 *** P – 3 *** Negative Outlook ****

* since 18 January 2019 ** since 18 January 2019

*** since 12 December 2018 **** since 5 April 2018

Südzucker Group, page 13 FINANCIAL TRANSPARENCY

Continued high liquidity

(mn €) 29.02.2016 28.02.2017 28.02.2018 28.02.2019

Net financial debt -555 -413 -843 -1.129

Cash & Cash equivalents / securities 604 725 730 499

Gross financial debt -1.158 -1.138 -1.573 -1.627

Long-term financial debt -731 -914 -1.117 -1.126

Short-term financial debt -427 -224 -456 -501

Bank credit lines: 798 786 814 849 n r w 3 6 7 350 470 464 433 undrawn Syndicated loan facility 600 600 600 600 n r w 0 0 0 600 600 600 600 undrawn Syndicated loan facility Agrana 450 450 450 450 n r w 3 5 5 375 450 450 339 undrawn Commercial paper program 600 600 600 600 n r w 7 0 0 370 600 600 475 undrawn = Total liquidity reserves 2.451 2.839 2.850 2.195

Südzucker Group, page 14 FINANCIAL TRANSPARENCY

Maturity profile of main financial liabilities (mn € as of 28 February 2019)

80 Bullet loans

500 EUR-Bond 300 1.25 % 100 EUR-Bond 2019 2020 2021 Dec Nov 2024 Nov 1.00 % 2022 2023 2025

Syndicated loans

1,050 mn € * Commercial Paper Programm

2.791 % p.a. Hybrid Bond variable coupon: 3M-Euribor + 310 bp; for 29.03.2019 - 28.06.2019700 mn € (perpetual)600 (excluded); mn € (permanent) payout quarterly

* Maturity: Aug. 2019/150 mn €, Nov. 2020/600 mn €, June 2021/300 mn € Südzucker Group, page 15 FINANCIAL TRANSPARENCY

Financial key figures

1,632 Net Financial Debt

Cash flow

1,129 1,065 996

854 843 791 823 mn € mn 697 693 634 606 593 553 555 504 536 464 480 413 389 377

2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

NFD/CF 3.2x 1.9x 1.4x 1.0x 0.5x 0.8x 1.5x 1.2x 0.7x 1.2x 3.0x

Equity Ratio 42 % 47 % 51 % 48 % 54 % 53 % 53 % 55 % 56 % 54 % 49 %

Südzucker Group, page 16 FINANCIAL TRANSPARENCY

Agenda

Südzucker Group, page 17 FINANCIAL TRANSPARENCY

Non-sugar-activities* (I): Strong market position in growing business areas…

Functional Food  Global megatrend functional food; ongoing above average growth potential Revenues >600 mn €  Positioning as world market leader in main product categories

Pizza  Market leader in Europe and USA in private label business Revenues ~1 bn €  High potential in USA private lavel business

Bioethanol  Market leader in Europe Revenues ~1 bn €  Further market potential via EU secured until 2030 (RED II)

Starch  Successful growth strategy in specialty starches Revenues >900 mn €  Growth opportunities secured via investment program

Fruit  World market leader in fruit preparations Revenues >1 bn €  Sustainbale growth and stable margins

PortionPack  European market leader in food and non-food portion packs Revenues >100 mn €  Growth options outside of Europe

 Midterm revenues of 5 bn € and EBITDA of 600 mn € * based on 2021/22 Südzucker Group, page 18 FINANCIAL TRANSPARENCY

Non-sugar-activities* (II): …growth secured via projects

Functional Food  Capacity extension, respectively preparation at all BENEO sites Revenues >600 mn €  Enlargement of product range

Pizza  Acquisition Richelieu Foods, USA, high market potential Revenues ~1 bn € via development of private label share

Bioethanol  Further factory optimization and capacity flexibility leads to Revenues ~1 bn € higher yearly average production volume

Starch  Investment program 2013 to 2020 in amount of 400 mn € at sites Aschach, Gmünd, Pischeldorf and Zeitz through Revenues >900 mn € new and extended facilities Fruit  Market entry India  Second fruit preparation factory China Revenues >1 bn €  Participation in fruit preparation producer in Algeria

PortionPack  Acquisition CustomPack, UK Revenues >100 mn €

 Midterm revenues of 5 bn € and EBITDA of 600 mn € * based on 2021/22 Südzucker Group, page 19 FINANCIAL TRANSPARENCY

Segment Special Products

(mn €) 2018/19 2017/18 Δ Revenues 2.294 1.997 297 15 % EBITDA 268 255 13 5 % EBITDA-Margin 11,7% 12,8% Depreciation -112 -97 -15 14 % Operating Result 156 158 -2 -1 % Operating 6,8% 7,9% Margin Restructuring and special items -51 -3 -48 > 100 Result from companies consolidated at equity 17 30 -13 -46 % Result from operations 122 185 -63 -34 %

Investments 172 551 -379 -69 % i e s e s165 121Fixed 44 Assets 36 % Financial Assets / Acquisitions 430 7 -423 -98 % Capital Employed 2.133 2.055 78 4 % RoCE 7,3% 7,7%

Südzucker Group, page 20 FINANCIAL TRANSPARENCY

Special Products segment: Overview

 Leading market positions in all four divisions Revenue split 2018/19  Sustainably high cash flow quality PortionPack 5 %  High depreciation level in light of internal/external growth Freiberger Starch*  Very sound fundamental development 39 % 34 % 2,294  Growth based on global megatrends: mn €  unchanged trend to alternative and functional food ingredients BENEO (Functional Food)  further increase in demand for 22 % convenience products Operating Result (mn €)  unbroken global demand growth for animal feed (e.g. Gluten) 184 171  Continuous capacity adjustment follows 158 156 market growth 120

2014/15 2015/16 2016/17 2017/18 2018/19 * incorporates AGRANA bioethanol and starch activities Südzucker Group, page 21 FINANCIAL TRANSPARENCY

Special Products segment: Division BENEO

 BENEO bundles functional food activities  5 production sites globally and international distribution network  Main product categories:  Prebiotic fibres from chicory roots: Core products Inulin and Oligofructose  Functional carbohydrates from sugar beet: Core products Isomalt (sole sugar replacer made out of sugar) and Palatinose™ (functional sugar with prolonged energy allocation)  Functional ingredients from rice: e.g. rice Sales Offices Regional Centers starches, rice flours and rice proteins Production facility  Distribution of functional wheat protein (Gluten), produced in Südzucker Group  World market leader for functional chicory- and rice products as well as for Isomalt/Palatinose™  Ongoing global increase in demand for functional food ingredients  Increasing awareness for healthy nutrition and growing per-capita income (emerging markets) Offstein Südzucker Group, page 22 FINANCIAL TRANSPARENCY

Special Products segment: Division Starch*

 6 production sites and distribution within EU Zeitz (DE)  Main product categories:  Starch products: Specialty starches for paper, Gmünd (A) textile-, cosmetics-, pharmaceutical and Aschach (A) Pischelsdorf (A) construction industries; focus on organic and GM- free starches for food industries Szabadegyhaza (HU) Tandarei (RO)  Bioethanol production: Bioethanol production from grain and production of by-products (food and animal feed)  Leading market position in main product categories Production starch Production bioethanol  Ongoing growth for speciality starches  Worldwide strongly growing demand for animal feed  Mandatory ethanol blending within EU  High investment volume (~ 400 mn €) in current cycle:  New starch factory Pischelsdorf (2013)  New starch factory Zeitz (2016)  Extension starch factory Aschach (2017)  Extension starch factory Pischelsdorf (2020) Zeitz

* incorporates AGRANA bioethanol and starch activities Südzucker Group, page 23 FINANCIAL TRANSPARENCY

Special Products segment: Division Freiberger # 1 Europe  11 production sites in EU (6) and in USA (5); distribution in EU and USA  Main product categories:  Deep frozen and chilled pizza  Pasta dishes  Snacks & baguettes  Pourables  Mostly private label business for food retailing („B2B“)  Market leader private label pizza market in Europe and USA # 1 USA  Employees: ~ 3,500  Pizzas per day: ~ 3.5 mn  Revenues: ~ 1 bn €

 Strong platform for further growth

Production facility Public Warehouses – Pizza Public Warehouses – Pourables

Südzucker Group, page 24 FINANCIAL TRANSPARENCY

Special Products segment: Division PortionPack Europe

Telford  6 production sites in EU; distribution in EU  Oud-Beijerland (NL) Main product categories: Landgraaf (NL) Herentals (B) Prague  Coffee supplies (sugar, milk…) Nuremberg  Biscuits Vienna  Chocolates  Breakfast  Seasoning La Llagosta  Sweets & Snacks Production facility Trading companies  Fruit purees  Other unit packed products (e.g. for hotels, etc.)  European market leader for portion packs for food industry  Unchanged trend for unit packed products and „out-of-home“ consumption  September 2018, Acquisition CustomPack, Telford/Great Britain

Oud Beijerland (NL) Südzucker Group, page 25 FINANCIAL TRANSPARENCY

Special Products segment: Strategy

BENEO PortionPack Europe Usage of global Extension of EU No. 1 platform, open up new position; expansion of markets; product product portfolio innovations

Special Products

Starch Freiberger Extension of successful Keep market position niche strategy; increase EU/extend USA; increase market share via profitability; clear continuous capacity differentiation against increase competitors

Südzucker Group, page 26 FINANCIAL TRANSPARENCY

Special Products segment: Outlook 2019/20

 Increase in production and sales volumes in all divisions  Since November 2018 significantly higher ethanol price level  Support through improved sugar market environment

 Slight increase in revenues Revenues (prev. year: 2,294 mn €)

Operating  Moderate increase in operating result Result (prev. year: 156 mn €)

Südzucker Group, page 27 FINANCIAL TRANSPARENCY

Segment CropEnergies

(mn €) 2018/19 2017/18 Δ Revenues 693 808 -115 -14 % EBITDA 72 111 -39 -35 % EBITDA-Margin 10,4% 13,7% Depreciation -39 -39 0 0 % Operating Result 33 72 -39 -54 % Operating 4,7% 8,9% Margin Restructuring and special items 10 -1 11 - Result from companies consolidated at equity 0 0 0 - Result from operations 43 71 -28 -39 %

Investments 13 20 -7 -32 % i e s e s1 20 -7 13 Fixed Assets -32 % Financial Assets / Acquisitions 0 0 0 - Capital Employed 456 452 5 1 % RoCE 7,2% 15,9%

Südzucker Group, page 28 FINANCIAL TRANSPARENCY

CropEnergies segment: Overview

Wilton  4 production sites in EU; Rotterdam offices/distribution sites in EU, North and South Amsterdam Loon-Plage America Zeitz Houston Wanze  Main product categories:  Bioethanol as fuel and traditional applications (1.3 mn m³ p.a.) Santiago de Chile São Paulo  Food and animal feed (>1 mn t p.a.)

 EU market leader Production facility Tank storage Distribution  Megatrend renewable energies  More renewable energy in transport in 2030 (RED II: 14 % (max. 7 % 1G)  Reduction of greenhouse gas emissions  Higher independency from imported oil  Sustainable raw materials from European agriculture and complete utilization

Südzucker Group, page 29 FINANCIAL TRANSPARENCY

CropEnergies segment: Market environment (I)

Quotation: Wheat €/t / Ethanol €/m3  High price volatility in the EU in 2018/19  Ethanol*: 501 (523) €/m³ 700 350 NYMEX Fuel EtOH T2 FOB Rdm.  Grain**: 191 (164) €/t 600 300

 Attractive protein prices 500 250 ) 3 (€/t)

(€/m 400 200  Feedstock supply 2018/19 300 150  Euronext Paris Wheat No. 2 EU grain harvest: 291 mn t (-5 %) 200 100  Exceeds demand of 287 mn t by 1 %  World grain harvest***: 2,125 mn t (-1 %) Nettorohertrag für Weizen‐EtOH  2 % below demand of 2,170 mn t  Ending stocks 604 mn t (-7 %)  Outlook 2019/20: USDA projects a surplus of 10 mn t

* Ethanol T2 FOB Rdam ** Wheat (Euronext Paris), next date of expiry *** all varieties, except rice Wanze Südzucker Group, page 30 CropEnergies segment: Market environment (II)

 3 EU ethanol market 2018 (mn m ) EU sales fuel ethanol (mn m³)  Production: 5.4 +1 % (add. 2.3 non-fuel) 6  Consumption: 5.4 +1 % (add. 2.6 non-fuel) UK 0.8 0.8 0.7 France  Status climate friendly fuels (selection) 4 0.8 0.9 0.9 Germany 1.5 1.5 1.5 Country Target 2019 E10-share 2 Other EU

BE Petrol: 8.5 vol.-% 80 % 2.1 2.2 2.1

DE GHG: -4 wt.-% 13 % 0 FR Petrol: 7.9 cal.-% 47 % 2016 2017 2018e Source: F.O. Licht UK Total: 8.5 vol.-% n/a

 Trend to petrol passenger cars – new registrations (EU)  2014: 43 % petrol | 53 % diesel  2018: 57 % petrol | 36 % diesel

Südzucker Group, page 31 FINANCIAL TRANSPARENCY

Re-assessment of renewable fuels

 CO2- Comparison In 2020, it is mandatory to reduce GHG Savings 95 E10 vs. 95 E5*

emissions by 6% (EU) 100 % E20 E10 Particulate Nox Fuel Con- EtOH matter (g/km) sumption (g/km) +3 % (l/100km)  Sustainable ethanol is basis for expansion +2 % -7 % -2 % and development of 2G -14 % Ø Ø  -20 % -0,1 % E10 reduces CO2, NOx and particulate matter  WLTP benchmark, label in tank flap of all Ø -70 % new cars -71 %  Potential savings: 15 Mt CO2eq. -52 % (21 million e-cars, 57 TWh) -63 %  Potential for Super E20  Potential savings: 30 Mt CO2eq. -80 % (43 million e-cars, 114 TWh) Source: BDBe, ADAC (2019) * with 5 vol.-% EtOH  Successful racing results (Porsche/Nürburgring)

Südzucker Group, page 32 FINANCIAL TRANSPARENCY

CropEnergies segment: Strategy

Strengthen leading market position Further Targeted facility efficiency gains development

CropEnergies

Full usage Enforce of production R&D activities capacities Expand diversification

Südzucker Group, page 33 FINANCIAL TRANSPARENCY

CropEnergies segment: Outlook 2019/20

 Development mainly dependent on price development on bioethanol and grain markets.  Since November 2018 significantly higher ethanol price level.

 Revenues Revenues in range 720 to 820 mn € expected (prev. year: 693 mn €)

Operating  Operating result in range 20 to 70 mn € expected Result (prev. year: 33 mn €)

Südzucker Group, page 34 FINANCIAL TRANSPARENCY

Segment Fruit

(mn €) 2018/19 2017/18 Δ Revenues 1.179 1.161 18 2 % EBITDA 115 114 1 2 % EBITDA-Margin 9,8% 9,7% Depreciation -38 -38 0 0 % Operating Result 77 76 1 2 % Operating 6,6% 6,5% Margin Restructuring and special items 0 0 0 - Result from companies consolidated at equity 0 0 0 - Result from operations 77 76 1 2 %

Investments 62 49 13 26 % i e s es5 97 49 56 Fixed Assets 14 % Financial Assets / Acquisitions 6 0 6 - Capital Employed 830 844 -14 -2 % RoCE 9,3% 9,0%

Südzucker Group, page 35 FINANCIAL TRANSPARENCY

Fruit segment: Fruit preparations

 28 production sites globally; distribution in more than 80 countries  World market leader in fruit preparations (market share >30 %)  Main customer groups:  Dairy companies  Ice cream producers  Bakeries  Food service industry  Unique global structure for sourcing, production and distribution

Production facility

Südzucker Group, page 36 FINANCIAL TRANSPARENCY

Fruit segment: Fruit juice concentrates

 14 production sites in Europe and one in China  Main product categories:  Fruit juice concentrates  Beverage compounds  Fruit wines  Flavouring  NFC-Juices  European market leader for fruit juice concentrates  Trend towards fruit juices and bio-products unchanged

Production facility

Südzucker Group, page 37 FINANCIAL TRANSPARENCY

Fruit segment: Strategy

Further usage of global growth trends

Usage of internal/external Develop new growth options markets together with customers

Fruit

Development of Further cost innovations saving measures Enhance regional diversification

Südzucker Group, page 38 FINANCIAL TRANSPARENCY

Fruit segment: Outlook 2019/20

 Division fruit preparations with positive revenues development Revenues in light of further increase in sales volumes  Stable revenues in division fruit juice concentrates  Moderate increase in revenues expected (prev. year: 1,179 mn €)

 Operating Significant earnings increase in division fruit preparations Result  Stable earnings in division fruit juice concentrates  Operating result significantly above previous year‘s level expected (prev. year: 77 mn €)

Südzucker Group, page 39 FINANCIAL TRANSPARENCY

Summary non-sugar-segments

2018/19 2019/20e 2021/22e Revenues

4.2 bn €  ~5.0 bn €

EBITDA

455 mn €  ~ 600 mn €

Operating Result

266 mn €  ~400 mn €

 Sound earnings level, despite low ethanol and sugar prices  Basis for further revenues and earnings growth secured via investments

Südzucker Group, page 40 FINANCIAL TRANSPARENCY

Agenda

Südzucker Group, page 41 FINANCIAL TRANSPARENCY

Segment Sugar

(mn €) 2018/19 2017/18 Δ Revenues 2.588 3.017 -429 -14 % EBITDA -102 278 -380 - EBITDA-Margin -3,9% 9,2% Depreciation -137 -139 2 -1 % Operating Result -239 139 -378 - Operating -9,2% 4,6% Margin Restructuring and special items -769 24 -793 - Result from companies consolidated at equity 5 -28 33 - Result from operations -1003 135 -1138 -

Investments 147 173 -26 -15 % i e s e s145 171Fixed -26 Assets -15 % Financial Assets / Acquisitions 0 2 2 -10 % Capital Employed 2.653 3.299 -647 -20 % RoCE -9,0% 4,2%

Südzucker Group, page 42 FINANCIAL TRANSPARENCY

Sugar segment: Restructuring plan parameters

Sugar Focus on EU market,  production opportunistic world market exports 5.1 4.4 mn t

Number of Closures of 5 sugar factories in  sugar factories Germany, France and Poland 29 24

Reduction of employees in production ~7,000  Employees and administration, further centralization ~6,300 FTE

Südzucker Group, page 43 FINANCIAL TRANSPARENCY

Sugar segment: Restructuring plan measures

Organization Simplification processes and management structures ■ Cutting-back administration Belgium, Germany, France and Poland ■ Workplace reduction in administration in relation to closure of locations ■ Adjustment of global sugar sales organization

Administration cost reduction

Factory structure Improvement of production costs and supply chain ■ Reduction of Ø-sugar production about 0.7 mn t/p.a. ■ Structural campain length at least 125 days per factory ■ Closure of sugar factories Germany (2) andKürzung France (2) Erweiterungs- following campaign 2019 as well as Poland (1) before campaign 2019 investitionen ■ Optimization sugar logistic structure (Assortment and storage sites)

Reduction of fixed costs, maintenance and capex

Südzucker Group, page 44 FINANCIAL TRANSPARENCY

Impact from restructuring and special items

2018/19 2019/20e 2020/21e 2021/22e 2022/23e

~150 mn € prov. social plan; depreciations fixed assets, ~100 mn € contracts cost savings dependent on sugar world market price and further restructuring 673 mn € expenses goodwill- impairment sugar p&l

~40 mn € (cash out) mainly social plan cash ~150 mn € (cash in) impact working capital release via on NFD volume reduction

Südzucker Group, page 45 FINANCIAL TRANSPARENCY

Sugar balance world*

 2018/19e: Balanced market; 194,3 187,0 significant decrease in production 183,6 186,9185,6 187,7 180,7178,6 174,0179,9 179,6180,5  EU -3.4 mn t (drought)  Brasil -27 mn t (more ethanol than Zucker)  Thailand -0.4 mn t  India on prior year‘s level

80,7  77,1 76,9 75,4 2019/20e: market slightly in deficit; stabil 71,4 68,9 production slightly below growing demand consumption

 EU +0.8 mn t (normalized yield following drought prev. year)

 Brasil +4.0 mn t (switch Ethanol-  sugar 2014/15 2015/16 2016/17 2017/18e 2018/19e 2019/20e production) 45,2%* 39,7%* 38,2%* 42,0%* 41,4%* 40,2%*  Production Consumption Ending Stock * Stocks to use ratio Thailand -1.7 mn t (decrease in cane price)  India -3.4 mn t (lower planting following drought)

* F.O. Licht estimates, April 2019 Südzucker Group, page 46 FINANCIAL TRANSPARENCY

Sugar price development: Supply and demand as main drivers

€/t

800

700

600

500

400

300

200

100

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

World market price* EU price ex works

* World market price ex works: without transportation and other costs

Südzucker Group, page 47 FINANCIAL TRANSPARENCY

Sugar balance EU* (in mn t)

25  SMY 2017/18  Record harvest led to high 1.3 export surplus 2.8 0.6 1.5 3.4  Increasing price pressure 20 0.8 1.4 1.7 during year burdened 2.5 1.4 1.5 annual contracts 2018/19 0.6  SMY 2018/19 2.9 0.8  Drought related lower 15 0.8 harvest leads to decrease in exports and lower inventory level  Spot price increase to 21.3 import parity level 10 19.5 20.2 19.6 19.3 18.5 19.1  SMY 2019/20e 16.8 17.6  14.9 Cultivation restriction leads to almost stable production and balanced 5 market  Price increase for outstanding annual 4.0 2.4 contracts 2019/20 1.9 2.2 1.4 expected 0 2014/15 2015/16 2016/17 2017/18 2018/19e

∎ Prod. (from beet) ∎ Prod. (from maize) ∎ Import ∎ Consumption ∎ Export ∎ Ending stocks * EU-Commission on basis SMY Südzucker Group, page 48 FINANCIAL TRANSPARENCY

EU sugar price increase!

600 Campaign 2017: Campaign 2019:  Abolition of quota system  Restricted cultivation area  Extension of acreage  Sugar production ~ 18 mn t  550 Record yield  Low exports  Record sugar production ~ 21 mn t  Price increase  High exports, inventory increase  Price pressure 500

Campaign 2018:  450 Drought, bad harvest  Sugar production ~ 17 mn t  Low exports, inventory decrease  Price increase spot market 400  Too late for contractual market

350

300 EU Price Reporting EU Spot Prices 250

Südzucker Group, page 49 FINANCIAL TRANSPARENCY

Sugar segment: Strategy

Capacity adjustment to new market environment Reduction world Defend and extend market exports leading EU and stronger market position focus on EU sales Sugar EU Further Cost savings centralization of across the whole administration value chain Maximum utilization of factory capacity

Südzucker Group, page 50 FINANCIAL TRANSPARENCY

Sugar segment: Outlook 2019/20

 Decrease in sales volumes Revenues  In average slightly higher sales revenues  Moderate increase in revenues (prev. year: 2,588 mn €)

 Operating In light of sales contracts from 2018/19, again high losses in Result first halfyear  As of start sugar marketing year 2019/20 (October 2019) earnings improvement via expected price increase  Support from EU inventory decrease following campaign 2018 and expectation of lower esports in light of stable production in 2019  Operating result expected in range -200 to -300 mn € (prv. year: -239 mn €)

Südzucker Group, page 51 FINANCIAL TRANSPARENCY

Agenda

Südzucker Group, page 52 FINANCIAL TRANSPARENCY

Earnings decrease mainly driven by segment sugar

(mn €) 2018/19 2017/18 Δ  Revenues 6,754 6,983 -229 -3 % Loss in segment sugar due EBITDA 353 758 -405 -53 % to historic low prices and Group Operating Result 27 445 -418 -94 % drought leading to weak campaign 2018 Revenues 2,588 3,017 -429 -14 %  EBITDA -102 278 -380 - Segment special products Sugar Operating Result -239 139 -378 - EBDITA above previous year despite weak ethanol and Revenues 2,294 1,997 297 15 % sugar environment EBITDA 268 255 13 5 % Prod.  Special Segment CropEnergies Operating Result 156 158 -2 -1 % below previous year1791 due to Revenues 693 808 -115 -14 % lower ethanol prices and EBITDA 72 111 -39 -35 % lower production Crop-

Energies 658 Operating Result 33 72 -39 -54 %  Segment fruit slightly above

Revenues 1,179 1,161 18 2 % previous year EBITDA 115 114 1 2 % Fruit Operating Result 77 76 1 2 %

 Diversification areas with high revenues and earnings contribution

Südzucker Group, page 53 FINANCIAL TRANSPARENCY

Income from operations

(mn €) 2018/19 2017/18  Revenues 6.754 6.983 -229 Operating result 27 445 -418 Restructuring costs/special items -810 20 -830 Income from companies consolidated at equity 22 2 20 Income from operations (EBIT) -761 467 -1.228

 Result from restructuring and special items:  Mainly driven by decided restructuring plan calling for shutdown of five sugar factories, 673 mn € devaluation of sugar segment‘s goodwill and charge due to revaluation of fixed assets at starch plant in Zeitz.  Income from companies consolidated at equity:  Segment sugar: 5 (-28) mn €; mainly share in ED&F MAN  Segment special products: 17 (30) mn €; mainly share of earnings from Hungrana group‘s starch and bioethanol activities

Südzucker Group, page 54 FINANCIAL TRANSPARENCY

Net earnings

(mn €) 2018/19 2017/18  Income from operations (EBIT) -761 467 -1.228 Financial result -23 -41 18 Earnings before income taxes -784 426 -1.210 Taxes on income -21 -108 87 Net earnings -805 318 -1.123

 Financial result:  thereof net interest result -22 (-31) mn €  thereof result from other financing actitivies -1 (-10) mn €  Tax rate:  Group tax rate not applicable due to negative pre-tax result, especially in light of devaluation of goodwill, previous year 23 %

Südzucker Group, page 55 FINANCIAL TRANSPARENCY

Earnings per share

(mn €) 2018/19 2017/18  Consolidated net earnings -805 318 -1.123 thereof Südzucker AG shareholders -844 205 -1.049 thereof hybrid capital 13 13 0 of which attributable to other non-controlling interests 26 100 -74

Earnings per share (€) -4,14 1,00 -5,14

Cash flow per share (€) 1,85 3,39 -1,54

 Other minority interests relate mainly to minority shareholders of the AGRANA Group and CropEnergies Group.  Dividend proposal: 0.20 (0.45) €/share  Payout: 41 (92) mn €

Südzucker Group, page 56 FINANCIAL TRANSPARENCY

Investments and depreciations

(mn €) 2018/19 2017/18 2018/19 Fixed Assets 379 361 18 Depreciation 326 Sugar 145 171 -26 Sugar 137 Special Products 165 121 44 Special Products 112 CropEnergies 13 20 -7 CropEnergies 39 Fruit 56 49 7 Fruit 38

Financial Assets 15 432 -417

Total investments 394 793 -399

 Investment focus in fixed assets  Sugar: Maintenance, efficiency improvements and logistics  Special products: New and extended production capacities division starch and plant extension and optimization at BENEO and Freiberger  Fruit: Launch of further production lines, especially at fruit preparations

 Investments in financial assets  Smaller acquisitions and participations in segments special products and fruit

Südzucker Group, page 57 FINANCIAL TRANSPARENCY

Development Net Financial Debt (mn. €)

1 Others 161

Dividend payments

377 1,129 113 Investments Cash flow Working Capital

NFD NFD 28.02.2018 28.02.2019

Südzucker Group, page 58 FINANCIAL TRANSPARENCY

Agenda

Südzucker Group, page 59 FINANCIAL TRANSPARENCY

Outlook 2019/20 (I): Revenues and Operating Result

Revenues (€) Operating Result (€) 2018/19 2019/20e 2018/19 2019/20e

2.6 bn  -239 mn Sugar  -200 to -300 mn

Special 2.3 bn  156 mn  Products  

CropEnergies 693 mn 720 to 820 mn 33 mn 20 to 70 mn

1.2 bn  77 mn  Fruit 

Group 6.8 bn 6.7 to 7.0 bn 27 mn 0 to 100 mn

Südzucker Group, page 60 FINANCIAL TRANSPARENCY

Outlook 2019/20 (II): Other key figures

2018/19 2019/20e

EBITDA 353 mn € 360 to 460 mn €

Depreciation* 326 mn € > prev. year

Investments Fixed Assets 379 mn € < prev. year

Net Financial Debt 1,129 mn € > prev. year

* 2019/20 incl. adjustment for application of IFRS 16

Südzucker Group, page 61 FINANCIAL TRANSPARENCY

Outlook 2019/20 (III): Other key figures

2018/19 2019/20e

RoCE 0.5 % ~ prev. year

Cash flow/ Revenues 5.6 % > 5 %

Equity ratio 49.1 % ~ prev. year

Südzucker Group, page 62 FINANCIAL TRANSPARENCY

Summary

 Expectation of at least two difficult transition years realized Sugar  Expectation H1again high losses and H2 with earnings improvement in light of expected price increase from October 2019  FY 2019/20e: Operating result -200 to -300 mn € (prev. year: -239 mn €)

Special  Increase in production and sales volumes in all divisions Products  FY 2019/20e: Moderate increase in operating result (prev.year: 156 mn €); still high cash flow quality

 Despite ongoing volatile ethanol price, still solid earnings level expected CropEnergies  FY 2019/20e: Operating result range 20-70 mn € (prev. year: 33 mn €)

 FY 2019/20e: Further revenues and earnings increase Fruit (operating result prev. year: 77 mn €)

 Well diversified portfolio Group  High cash flow quality and solid financial key figures, despite temporary burden in segment sugar  Foresighted financing and strong balance sheets ratios

Südzucker Group, page 63 FINANCIAL TRANSPARENCY

850 Group outlook midterm EBITDA and capex (in mn €) 750

Sugar

650 Non-Sugar

Group 550 Capex

450

350 ~600 250 455 353 150 ≤350

-50 -102

Ø Capex EBITDA 2018/19 EBITDA 2021/22e -150 19/20e - 21/22e

Südzucker Group, page 64 FINANCIAL TRANSPARENCY

Agenda

Südzucker Group, page 65 FINANCIAL TRANSPARENCY

Long-term development (I): Group

(mn €) 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20e

Revenues 5.718 6.161 6.992 7.879 7.533 6.778 6.387 6.476 6.983 6.754 6.7-7.0 bn EBITDA 645 775 1.015 1.246 889 453 518 709 758 353 360-460 EBITDA-Margin 11,3% 12,6% 14,5% 15,8% 11,8% 6,7% 8,1% 10,9% 10,8% 5,2% Operating Result 403 521 751 972 622 181 241 426 445 27 0-100 Operating 7,0% Margin 8,5% 10,7% 12,3% 8,3% 2,7% 3,8% 6,6% 6,4% 0,4% Income from operations (EBIT) 392 513 759 955 955 955 554 277 467 -761 Earnings before income taxes (EBT) 348 443 660 866 866 866 491 227 426 -784 Net earnings 276 346 515 734 734 734 387 181 312 -805 thereof to SZ AG shareholders 200 252 377 592 592 592 280 109 205 -844

Market capitalization 3.230 3.768 4.117 6.850 4.114 2.782 3.834 4.921 3.014 2.625 Closing price on February 28/29 17,06 19,90 21,75 33,55 20,15 13,63 13,88 24,10 14,76 12,86 Earnings per share (€) 1,06 1,33 1,99 3,08 1,37 0,10 0,53 1,05 1,00 -4,14 Dividend per share (€) 0,45 0,55 0,70 0,90 0,50 0,25 0,30 0,45 0,45 0,20** Cash flow 553 606 823 996 697 389 480 634 693 377 Investments total 233 251 286 521 399 387 371 493 793 394 < prev. year* Capital Employed 5.374 5.314 5.707 5.950 5.873 5.877 5.791 6.012 6.650 6.072 > prev. year RoCE 7,5% 9,8% 13,2% 16,3% 10,6% 3,1% 4,2% 7,1% 6,7% 0,4% ~ prev. year

Total Assets 7.398 7.260 8.289 8.806 8.663 8.474 8.133 8.736 9.334 8.188 Equity 3.443 3.687 3.970 4.731 4.625 4.461 4.473 4.888 5.024 4.018 Equity Ratio 46,5% 50,8% 47,9% 53,7% 53,4% 52,6% 55,0% 56,0% 53,8% 49,1% ~ prev. year Net Financial Debt (NFD) 1.065 854 791 464 536 593 555 413 843 1.129 > prev. year Gearing (NFD/Equity) 30,9% 23,2% 19,9% 9,8% 11,6% 13,3% 12,4% 8,4% 16,8% 28,1% NFD/Cash flow 1,9x 1,4x 1,0x 0,5x 0,8x 1,5x 1,2x 0,7x 1,2x 3,0x

* Investments in Fixed Assets ** Proposal

Südzucker Group, page 66 FINANCIAL TRANSPARENCY

Long-term development (II): Segments

Sugar segment Special Products segment

(mn €) 2014/15 2015/16 2016/17 2017/18 2018/19 (mn €) 2014/15 2015/16 2016/17 2017/18 2018/19 Revenues 3.228 2.855 2.776 3.017 2.588 Revenues 1.724 1.791 1.819 1.997 2.294 EBITDA 133 48 201 278 -102 EBITDA 192 246 263 255 268 EBITDA-Margin 4,1% 1,7% 7,3% 9,2% -3,9% EBITDA-Margin 11,2% 13,7% 14,4% 12,8% 11,7% Depreciation -126 -127 -129 -139 -137 Depreciation -72 -75 -79 -97 -112 Operating Result 7 -79 72 139 -239 Operating Result 120 171 184 158 156 Operating 0,2%Margin -2,7% 2,6% 4,6% -9,2% Operating 7,0%Margin 9,5% 10,1% 7,9% 6,8% Restructuring and special items -7 4 -12 24 -769 Restructuring and special items -3 -2 -4 -3 -51 Income from operations (EBIT) -5 -43 67 135 -1003 Income from operations (EBIT) 144 192 208 185 122

Investments 186 181 271 173 147 Investments 126 131 126 551 172 Fixed 186 181 153Assets 171 145 Fixed 125 131 126Assets 121 165 Financial 2 118 2 0 0 Assets Financial 430 7 0 0 1 Assets Capital Employed 3.199 3.041 3.169 3.299 2.653 Capital Employed 1.377 1.436 1.499 2.055 2.133 RoCE 0,2% -2,6% 2,3% 4,2% -9,0% RoCE 8,7% 11,9% 12,2% 7,7% 7,3%

CropEnergies segment Fruit segment

(mn €) 2014/15 2015/16 2016/17 2017/18 2018/19 (mn €) 2014/15 2015/16 2016/17 2017/18 2018/19 Revenues 764 658 726 808 693 Revenues 1.062 1.083 1.155 1.161 1.179 EBITDA 25 122 135 111 72 EBITDA 103 102 110 114 115 EBITDA-Margin 3,3% 18,5% 18,6% 13,7% 10,4% EBITDA-Margin 9,8%9,4%9,5%9,7%9,8% Depreciation -36 -35 -37 -39 -39 Depreciation -38 -40 -38 -38 -38 Operating Result -1187987233 Operating Result 65 62 72 76 77 Operating -1,5%Margin 13,2% 13,4% 8,9% 4,7% Operating 6,1%Margin 5,7% 6,2% 6,5% 6,6% Restructuring and special items -28 -18 -4 -1 10 Restructuring and special items-6-3000 Income from operations (EBIT)-3969947143 Income from operations (EBIT) 59 59 72 76 77

Investments 3217162013 Investments 4342804962 Fixed 13 20 16 17 32 Assets 56Fixed 49 34 42 43 Assets FinancialFinancial Assets 00000 Assets 004606 Capital Employed 518 490 479 452 456 Capital Employed 782 823 866 844 830 RoCE -2,2% 17,7% 20,4% 15,9% 7,2% RoCE 8,4% 7,5% 8,3% 9,0% 9,3%

Südzucker Group, page 67 FINANCIAL TRANSPARENCY

Maturity profile of main financial liabilities (as of 28 February 2019) Syndicated loans, 1.050 mn € 2019/20/21  Drawn lines: 75 mn €

Dec 2022 Bullet loans, 100 mn €

Nov 2023 1.25 % Bond 2016/2023, 300 mn €

Nov 2025 1.00 % Bond 2017/2025, 500 mn €

Nov 2025 Bullet loans, 80 mn €

Hybrid Bond 2005/perpetual, 700 mn €  Issuer call right since 30 June 2015 at the earliest. Pursuant to § 6 (5) and (6) of conditions of issue Perpetual the exercise of the call right is subject to having issued, within the twelve months preceding the redemption becoming effective, replacement capital (parity and/or junior securities and/or shares) against issue proceeds at least equal to the amounts payable upon redemption.

Perpetual Commercial Paper-Program, permanent, 600 mn €  Drawn lines: 230 mn €

Südzucker Group, page 68 FINANCIAL TRANSPARENCY

Hybrid bond: 2018/19 cash flow covenant

(mn €) 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20e

Revenues 5,718 6,161 6,992 7,879 7,533 6,778 6,387 6,476 6,983 6,754 6.7-7.0 bn

Cash flow / Revenues 9.7% 9.8% 11.8% 12.6% 9,3% 5.7% 7.5% 9.8% 9,9% 7.1% > 5 %

Options for hybrid bond 2005 (depending on continuous financial planning):  Since 30 June 2015: quarterly variable interest payment, 3M Euribor plus 3.10 % p.a.  Period from 29 March 2019 to 28 June 2019 (excl.), rate of remuneration fixed at 2.791 % p.a.  Since 30 June 2015, bond can be called and redeemed on quarterly basis at nominal value (according to § 6 (5) & (6) of the terms and conditions)  Precondition to use issuer call right is replacement through new hybrid or equity capital within 12 months  A bond repurchase – also partially – is possible at any time  Still preferred option: No call of hybrid bond

Südzucker Group, page 69 FINANCIAL TRANSPARENCY

Liquidity profile end of period

(mn €) Q4 2018/19 Q3 2018/19 Q2 2018/19 Q1 2018/19 Q4 2017/18

Net financial debt -1.129 -781 -758 -799 -843

Cash & Cash equivalents / securities 499 612 753 608 730

Gross financial debt -1.627 -1.393 -1.510 -1.407 -1.573

Long-term financial debt -1.126 -1.138 -1.081 -1.096 -1.117

Short-term financial debt -501 -254 -429 -311 -456

Bank credit lines 849 849 813 820 814 n r w 5 0 2 3 470 430 328 300 350 undrawn Syndicated loan 600 600 600 600 600 n r w 0 0 0 0 600 600 600 600 600 undrawn Syndicated loan Agrana 450 450 450 450 450 n r w 7 3 0 5 450 450 405 430 375 undrawn Commercial paper program 600 600 600 600 600 n r w 7 0 5 1 600 413 450 600 370 undrawn

Bank credit lines (undrawn) 351 301 328 430 470 + Cash & cash equivalents / securities 499 612 753 608 730 + Syndicated loan (undrawn) 975 1.030 1.005 1.050 1.050 + Commercial paper (undrawn) 370 600 450 413 600 = Total liquidity reserves 2.195 2.543 2.536 2.501 2.850

Südzucker Group, page 70 FINANCIAL TRANSPARENCY

Group balance sheet

(mn €) 28.02.2019 28.02.2018 (mn €) 28.02.2019 28.02.2018 Intangible assets 1.001 12,2% 1.659 17,8% Equity attributable to shareholders of SZ AG 2.476 30,2% 3.456 37,0% Fixed assets 2.951 36,0% 2.991 32,0% Hybrid capital 654 8,0% 654 7,0% Shares in companies consolidated at equity 390 4,8% 370 4,0% Other minority interest 889 10,9% 915 9,8% Other investments and loans 23 0,3% 23 0,2% Shareholder's equity 4.018 49,1% 5.024 53,8% Securities 19 0,2% 19 0,2% Receivables and other assets 13 0,2% 12 0,1% Provisions for pensions and similar obligations 832 10,2% 781 8,4% Deferred tax assets 75 0,9% 80 0,9% Other provisions 246 3,0% 125 1,3% Non-current assets 4.471 54,6% 5.153 55,2% Non-current financial liabilities 1.126 13,8% 1.117 12,0% Other liabilities 14 0,2% 16 0,2% Tax liabilities 23 0,3% 49 0,5% Deferred tax liabilities 159 1,9% 164 1,8% Non-current liabilities 2.398 29,3% 2.251 24,1% Inventories 1.977 24,1% 2.119 22,7% Trade receivables and other assets 1.230 15,0% 1.319 14,1% Other provisions 148 1,8% 250 2,7% Current tax receivables 31 0,4% 33 0,4% Current financial liabilities 501 6,1% 456 4,9% Securities 126 1,5% 126 1,3% Trade payables and other liabilities 1.104 13,5% 1.329 14,2% Cash and cash equivalents 354 4,3% 585 6,3% Current tax liabilities 18 0,2% 25 0,3% Current assets 3.717 45,4% 4.181 44,8% Current liabilities 1.771 21,6% 2.060 22,1%

Total assets 8.188 100,0% 9.334 100,0% Total liabilities and shareholders' equity 8.188 100,0% 9.334 100,0%

Südzucker Group, page 71 FINANCIAL TRANSPARENCY

Agenda

Südzucker Group, page 72 FINANCIAL TRANSPARENCY

Revenues by region 2018/19

Germany (23 %)

Rest of world (25 %)

6,754 mn €

EU 28 (52 %)

Revenues share financial year 2018/19 by region in %: EU 28: EU-members (excl. Germany, incl. Great Britain) Rest of the world: Europe (outside EU), America, Africa, Asia, Oceania

Südzucker Group, page 73 FINANCIAL TRANSPARENCY

World sugar market – unchanged sustainable growth*

250 15

10 200

150

100

‐5

50 ‐10

0 ‐15

Surplus/Defict (right scale) Total Production (left scale) Consumption (left scale)

* Source: F.O. Licht

Südzucker Group, page 74 Global sugar market: Supply and demand

Canada -1.09 U.K. Germany -0.75 +1.09 Poland France +0.63 +2.65 Syria USA Spain -1.06 Italy -0.58 -2.96 Israel Japan -1.70 China Morocco -0.64 -1.22 -0.71 -5.00 Algeria Egypt Bangladesh S. Korea Mexico Kuba -1.93 -1.35 -2.40 -1.55 +1.27 +1.00 Saudi Thailand Arabia India Guatemala Sudan +10.58 Taiwan -1.35 +3.50 Malaysia +2.00 Nicaragua -1.16 -0.62 -1.86 +0.51 Nigeria Colombia Kenia Indonesia -1.73 -5.00 +0.67 Brazil -0.63 +22.22

Australia +3.63 Swaziland +0.70 Surplus areas/countries

Deficit areas/countries

Only countries with deficits/surpluses above 500k tonnes are marked (2019/20e) Source: F.O. Licht Südzucker Group, page 75 FINANCIAL TRANSPARENCY

EU sugar balance

Ø 8 mn t 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18e 18/19e years

Production EU 18.2 16.2 19.4 18.1 17.6 20.3 15.7 17.6 17.9 21.9 18.2

• from beet 17.5 15.4 18.7 17.4 16.8 19.5 14.9 16.8 17.1 21.3 17.6

• from maize 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.7 0.6 0.6

Import 2.5 3.6 3.5 3.7 3.2 2.8 2.9 2.5 3.1 1.3 1.5

• Import white 0.6 1.1 0.8 1.0 0.8 0.7 0.7 0.8 0.8 n.a. n.a. sugar

• EU refining of imported raw 1.9 2.5 2.7 2.7 2.4 2.1 2.2 1.7 2.3 n.a. n.a. sugar

Export 2.2 0.8 2.1 1.4 1.4 1.5 1.4 1.4 1.5 3.4 1.7

Consumption 18.9 19.4 19.6 19.6 20.0 20.2 19.3 18.5 19.4 19.6 19.1

Ending stock 1.6 1.2 2.4 3.2 2.6 4.0 1.9 2.2 2.4 2.4 1.4

Source: EU-Commission Südzucker Group, page 76 FINANCIAL TRANSPARENCY

Ranking global sugar market (I)

2019/20e 2019/20e ∅ 10 years 2019/20e 2019/20e ∅ 10 years Top-producer Top-consumer in mn t in % in mn t in mn t in % in mn t

Brazil 34.5 18.4 37.1 India 28.8 15.3 26.4

India 32.0 17.1 29.2 EU 18.5 9.9 18.9

EU 18.8 10.0 18.0 China 16.8 9.0 16.3

Thailand 13.0 7.0 11.7 Brazil 11.8 6.3 12.0

China 11.5 6.1 11.8 USA 11.1 5.9 10.9

USA 8.2 4.4 8.0 Indonesia 7.9 4.2 6.8

Russia 6.4 3.4 5.6 Pakistan 6.6 3.5 5.4

Mexico 6.3 3.4 6.2 Russia 6.4 3.4 6.1

Pakistan 6.0 3.2 5.9 Mexico 5.0 2.7 4.7

Australia 4.9 2.6 4.6 Egypt 4.2 2.2 3.6

Others 45.5 24.3 42.8 Others 70.5 37.6 66.3

Total 187.0 100 180.8 Total 187.7 100 177.4

Source: F.O. Licht Südzucker Group, page 77 FINANCIAL TRANSPARENCY

Ranking global sugar market (II)

2019/20e 2019/20e ∅ 10 years 2019/20e 2019/20e ∅ 10 years Top-net-exporter Top-net-importer in mn t in % in mn t in mn t in % in mn t

Brazil 22.2 44.8 25.1 China 5.0 10.4 4.4

Thailand 10.6 21.4 8.1 Indonesia 5.0 10.4 4.2

Australia 3.6 7.3 3.2 USA 3.0 6.3 2.9

India 3.5 7.1 1.6 Bangladesh 2.4 5.0 2.1

Guatemala 2.0 4.0 1.9 Algeria 1.9 4.0 1.5

Mexico 1.3 2.6 1.4 Malaysia 1.9 4.0 1.7

Cuba 1.0 2.0 0.9 Nigeria 1.7 3.5 1.6

Swaziland 0.7 1.4 0.7 Korea, South 1.5 3.1 1.5

Colombia 0.7 1.4 0.6 Saudi Arabia 1.4 2.9 1.2

EU 0.4 0.8 -1.2 Egypt 1.4 2.9 1.3

Others 3.5 7.1 - Others 22.8 47.5 -

Total 49.5 100 - Total 48.0 100 -

Duty free access into EU Source: F.O. Licht Südzucker Group, page 78 FINANCIAL TRANSPARENCY

Sugar segment: Production and Distribution*

Great Britain

Ireland

Nether- Poland lands Germany Belgium

Czech Republic Moldova Slovakia

France Hungary Autstria Romania

Bosnia/ Bulgaria Portugal Herze- Distribution activities govina Beet sugar factories Italy Spain Sugar refineries

Greece

Israel

* Display from October 2017 and incl. UK

Südzucker Group, page 79 FINANCIAL TRANSPARENCY

Participation in ED&F Man offers a global footprint

 Participation ~ 35 %  Long standing successful history (founded 1783)  Truely global footprint (~ 7,000 employees in more than 60 countries)  Beneficiary of long-term growth in global sugar demand  Approx. 10 mn t global sugar trading volume; one of Sugar only Liquid Products only the largest sugar trader with significant presence in Coffee only Central and South America, Far East, South East Asia Multiple businesses and Africa  Global agribusiness with leadership positions in the merchanting of sugar, coffee, molasses, animal feed and special crops  Supply chain manager, providing sourcing, processing, logistics, shipping and marketing of agricultural products, including transportation and delivery of products to industrial and commercial clients

Südzucker Group, page 80 FINANCIAL TRANSPARENCY

Segment Sugar: Campaign 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19

Beet growers 47,600 46,000 44,600 43,000 42,600 42,100 41,300 40,300 39,000 37,900 36,700

Beet acreage 370,000 401,000 388,000 412,000 422,000 396,000 405,000 350,000 385,000 445,000 434,000

Sugar factories 33 32 32 32 32 32 32 31 31** 31** 31** (incl. refineries)

Beet 25.0 28.4 26.1 31.3 28.7 27.2 34.0 23.7 28.6 36.0 29.3 processing*

Campaign 96 116 103 123 112 102 127 89 107 133 115 duration

Sugar 4.2 4.8 4.2 5.4 4.9 4.7 5.3 4.1 4.7 5.9 4.7 production*

thereof from 3.9 4.4 3.9 4.9 4.5 4.3 5.0 3.8 4.4 5.7 4.6 beets*

thereof raw sugar 0.3 0.4 0.3 0.5 0.4 0.5 0.3 0.4 0.2 0.2 0.1 raffination*

*in mn t **incl. 2 refineries Südzucker Group, page 81 FINANCIAL TRANSPARENCY

Price development for raw and white sugar (ICE US, LIFFE)

700 700

600 600

500 500

400 400

300 300 Quotation for sugar in € /€ ton in sugar for Quotation Quotation for sugar in € / € ton in sugar for Quotation

200 200

100 100 Jul-18 Jul-17 Jul-16 Jul-15 Jul-14 Jan-19 Jan-18 Jan-17 Jan-16 Jan-15 Jan-14 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Sep-18 Sep-17 Sep-16 Sep-15 Sep-14 Mar-19 Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Nov-18 Nov-17 Nov-16 Nov-15 Nov-14 May-19 May-18 May-17 May-16 May-15 May-14

White sugar contract No. 5 LIFFE London (Future contract switching upon expiry) Raw sugar contract No. 11 ICE US (Future contract switching upon expiry)

Südzucker Group, page 82 FINANCIAL TRANSPARENCY

Price development wheat and maize (Euronext)

300 300

280 280

260 260

240 240

220 220

200 200 € / ton € / € / ton€ /

180 180

160 160

140 140

120 120

100 100 Jul-18 Jul-17 Jul-16 Jul-15 Jul-14 Jan-19 Jan-18 Jan-17 Jan-16 Jan-15 Jan-14 Sep-18 Sep-17 Sep-16 Sep-15 Sep-14 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Mar-19 Mar-18 Mar-17 Mar-16 Mar-15 Mar-14 Nov-18 Nov-17 Nov-16 Nov-15 Nov-14 May-19 May-18 May-17 May-16 May-15 May-14 Wheat price (Future contract switching upon expiry) Price for maize (Future contract switching upon expiry)

Südzucker Group, page 83 FINANCIAL TRANSPARENCY

Disclaimer

This presentation contains forward looking statements. The statements are based on current assumptions and estimates made by the executive board and information currently available to its members. The forward looking statements are not to be viewed as guarantees of the future developments and results presented therein. Future developments and results are in fact dependent on a variety of factors and are subject to various risks and imponderables. They are based on assump management report in the 2018/19 annua assume no obligation to update the forward-looking statements made in this presentation.

This presentation includes percentage and number rounding. Typing and printing errors reserved.

Written and visual value statemen l report on pages 84 to 96 presents tions that could in fact prove to be invalid. The risk

 / / / ±1% ±1-4% ± 4-10%ts are standardized> ± 10% as follows: an overview of the risks. We stable slight moderate significant

Südzucker Group, page 84 FINANCIAL TRANSPARENCY

Investor Relations

Financial calender Contact Nikolai Baltruschat 11 July 2019 Head of Investor Relations Q1 – Quarterly Statement 2019/20 Tel.: +49 (621) 421 – 843 [email protected] 18 July 2019 Annual general meeting for fiscal 2018/19 Bernhard Juretzek Manager Investor Relations 10 October 2019 Tel.: +49 (621) 421 – 530 Q2 – 1st half year report 2019/20 [email protected] 14 January 2020 Sandra Kochner Q3 – Quarterly Statement 2019/20 Assistant Tel.: +49 (621) 421 – 240 23 April 2020 [email protected] Preliminary figures financial year 2019/20 Südzucker AG 14 May 2020 Maximilianstrasse 10 Press and analysts‘ conference fiscal 2019/20 68165 Mannheim, Germany [email protected]

Südzucker Group, page 85