STARCH FRUIT The natural upgrade

Corporate presentation 2015 AGRANA Beteiligungs-AG

Corporate presentation 2015 OVERVIEW

1 About us 98 Segment SUGAR

2 AGRANA-products in daily life 109 Segment STARCH

3 Strategy 1110 Segment FRUIT

4 Production sites 1211 Research & Development

5 Group- & ownership structure 13 Sustainability

6 Strategy 14 Business figures 2014|15

7 History 15 Outlook

8 Financials

Corporate presentation 2015 2 ABOUT US

AGRANA FACTS

. We refine agricultural raw materials, turning them into a range of different industrial products

to supply local producers as well as large Leading multinational companies active in the SUGAR processing industry, in particular SUPPLIER In Central, Eastern & . We also serve the end-consumer market in the South-Eastern Europe Sugar segment with country-specific brands such Major manufacturer as „Wiener Zucker“ in Austria of customer-specific STARCH PRODUCTS

World market leader 54 in the production of 8,700 production €2.5 €bn FRUIT employees sites revenue PREPARATIONS

Corporate presentation 2015 3 AGRANA-PRODUCTS IN DAILY LIFE AT A GLANCE

SUGAR STARCH FRUIT

. for consumers: . as food ingredients, e.g. for . fruit preparations in dairy „Wiener Zucker“ (20%) sauces, products etc. products, ice-cream, in baked . for food producers: . as child and infant food goods or as fruit decoration e.g. for pastries, . for cosmetic products . fruit juice concentrates in soft confectionery, dairy products, drinks and alcoholic preserves, drinks etc. (80 %) . for technical applications, beverages e.g. for paper finishing . as animal feeds . for bioethanol

Corporate presentation 2015 4 REFINING OF AGRICULTURAL RAW MATERIALS STRATEGY

Synergies Customer- and market- SUGAR Use synergies oriented growth in CEE between business and Southeastern Europe CENTRAL & EASTERN EUROPE segments to position the Group optimally Organic growth, and for the increasingly STARCH volatile operating adding value by tailor- environment in the EUROPE made products segments

Customer- and market- FRUIT oriented global growth Investors & Customers GLOBAL Balance of risk, exchange of know- how between the segments, cost savings through synergies

Capital market A long-term asset for shareholders

Corporate presentation 2015 5 54 PRODUCTION SITES WORLDWIDE INT. PRODUCTION MEETS INT. CUSTOMERS

SUGAR STARCH FRUIT 7 plants 5 starch plants 25 fruit preparation plants and 2 raw sugar refineries & Instantina plant (incl. 2 bioethanol plants) 14 fruit concentrate plants

Czech Rep.

Austria Hungary*

Bosnia- Herzegovina Bulgaria

Countries with plants Beet sugar plants Countries with production sites Countries with production sites Raw sugar refinery Main markets Other markets Potential Growth Regions Distribution centre Starch plants * Also with refining Bioethanol plants activities

Corporate presentation 2015 GROUP STRUCTURE

AGRANA Beteiligungs-AG

54 sites 8,708 employees 2.5 €bn revenue

SUGAR STARCH FRUIT AGRANA Zucker GmbH AGRANA Stärke GmbH AGRANA Internationale Verwaltungs- & Asset Management GmbH 10 sites 5 sites 39 sites 2,326 employees 863 employees 5,519 employees 731.1 €m revenue 700.1 €m revenue 1,062.3 €m revenue

Corporate presentation 2015 7 OWNERSHIP STRUCTURE

~30% Rübenproduzenten Beteiligungs-GmbH ~50% ZBG ~70% Raiffeisen-Holding Z & S Zucker und Stärke NÖ-Wien ~86,2%1 Holding AG ~10% ~50%

Südzucker ~6,5%2

~7,3% TOTAL: 14.202.040 shares FREE FLOAT Intention to increase the effective free float

1 without call option exercisable on AGRANA shares held directly by Südzucker 2 directly held by Südzucker; 4.9% to be placed in the market

Corporate presentation 2015 8 OUR HISTORY

EXPANSION of the company‘s DEVELOPMENT presence in the area of 50% of the third business fruit preparations in the segment, Fruit, with Middle East and Africa ACQUISITION the areas of fruit with plants in FOUNDING In the Hungarian corn preparations and Cairo|Egypt and OPENING of AGRANA starch und Isoglucose fruit juice Johannesburg|South of the wheat starch plant Beteiligungs-AG mill HUNGRANA concentrates Africa in Pischelsdorf|Austria 1988 1989 1990 1991 2003 2008 2010 - 2011 2012 2013 2014 PARTNER- INITIAL PUBLIC OPENING MERGER OPENING SHIP OFFERING (IPO) Of the bioethanol of AGRANA Juice of the new AGRANA with Germany‘s of AGRANA facility in Holding GmbH and Research & Südzucker AG Beteiligungs-AG Pischelsdorf|Austria Ybbstaler Juice Innovation Center Austria (ARIC) in GmbH and the Tulln|Austria launch of the new EXPANSION of the Sugar and brand AUSTRIA Starch segments by means of JUICE acquisitions in Bosnia- EXPANSION Herzegovina, Bulgaria, Romania, of the company‘s presence in the area of fruit Slovakia, and preparations with a fourth US-plant in Hungary Lysander|USA

Corporate presentation 2015 9 1988-2015 REVENUE AND OPERATING PROFIT

REVENUE OPERATING PROFIT 3.500

3.000

2.500 1,989.2 2,493.5 2.000 400

1.500 300 €m revenue

875.7 102.0 €m operating profit 1.000 580.9 200 500.7 355.8 80.5 91.9 500 29.1 100 24.7 12.6 0

Corporate presentation 2015 10 REVENUE-, EBIT- AND MARGIN DEVELOPMENT

REVENUE EBIT 3,065.9 EBIT-MARGE 2,841.7 2,577.6 2,493.5 2,165.9 1,989.2

231.0 217.9 128.6 166.9

€m 9.0 % 121.7 86.9 7.1 % 5.9 % 5.9 % 4.4 % 4.9 %

Corporate presentation 2015 *The prior-year data have been restated under IAS 8. 11 2014|15 VS PRIOR YEAR REVENUE BY SEGMENT

2013/14* 2014|15 SUGAR 41.2% 33.9% 42.6% 29.3% STARCH FRUIT GROUP

24.9% 28.1%

3000 2,841.7

€m 2000

1000 1,172.1 962.9 731.1 706.7

0 2013|14* 2014|15 2013|14* 2014|15 2013|14* 2014|15 2013|14* 2014|15 700.1 1,062.3 2,493.5 Corporate presentation 2015 *The prior-year data have been restated under IAS 8. 12 2014|15 VS PRIOR YEAR EBIT BY SEGMENT

2013/14* 2014|15 SUGAR 38.2% 29.5% 48.1% 7.4% STARCH FRUIT GROUP

32.3% 44.5% 200

150 166.9 €m 100

50 63.8 49.2 53.9 9.0 0 54.1 2013|14* 2014|15 2013|14* 2014|15 2013|14* 2014|15 2013|14* 2014|15

58.6 Corporate presentation 2015 *The prior-year data have been restated121.7 under IAS 8. 13 INVESTMENT DEVELOPMENT

SUGAR STARCH FRUIT GROUP 149.8 160 130.0 140 34,80 120 97.1 91.2 100 51.8 m € 59.1 80 42.5 55.9 43.0 60 35.0

40 30.8 29.3 13.7 55.9 20 9.1 43.1 34.5 16.0 25.3 0 2010|11 2011|12 2012|13 2013|14 2014|15*

Corporate presentation 2015 *equity-method 14 2014|15 INVESTMENT DETAILS

. Expansion of the molasses desugaring plant in Tulln|AUT SUGAR . Erection of the packaging centre in Kaposvár|HU: finished by the 2015|16 campaign . Pulp press replacement in Hrušovany and Opava|CZ, and Sered’|SK

. Capacity expansion of waxy corn derivative production in Aschach|AUT . Increase of spray drying capacity in Gmünd|AUT STARCH . Capital expenditures in the wet derivatives plant in Gmünd|AUT . Expansion of ActiProt® DDGS storage in Pischelsdorf|AUT

. Completion & production start of the US fruit preparations plant in Lysander|New York . Completion of a third production line at the fruit preparations plant in FRUIT. Expansion of cold storage facility in

Corporate presentation 2015 15 SEGMENT SUGAR

Corporate presentation 2015 16 SUGAR SEGMENT

. Sugar: . is obtained from sugar beet without any additives  pure, natural product . is a natural provicer of energy as part of a balanced diet . AGRANA: market leader in Austria and top provider in Eastern and South-Eastern Europe . Close partnerships with sugar beet growers: AGRANA offers wide range of advice on growing sugar beet . End-consumer-market is served with country- specific brands . Europe’s largest producer of organic sugar: . ‘Wiener Bio Kristallzucker’: sugar made from organically grown Austrian beet

Corporate presentation 2015 17 BENEFIT FROM THE STRONG MARK AGRANA SUGAR

ET POSITION IN CEE AND SEE

MARKET 7 SUGAR PLANTS AND 1,000 TONNES (1) POSITION 2 RAW SUGAR REFINERIES Austria 351 351 #1 Czech Rep. HungaryEU- 105AGRANA 105 #1 Slovakia QUOTA SUGAR BEET Czech Republic 372 94 #2 Austria Hungary* Romania Slovakia 112QUOTA 44 #2 Bosnia- Herzegovina Romania 105 24 n.a. Bulgaria Total 1,045 618 Refining activities in 278(2) n.a. Countries with plants Beet sugar plants total (incl. Bosnia-H.) Other markets Raw sugar refinery Distribution centre * Also with refining (1) AGRANA beet quota for 2014|15 Sugar Marketing Year (SMY) activities (2) Refined raw sugar production (2014|15)

Corporate presentation 2015 SEGMENT STARCH

Corporate presentation 2015 19 STARCH SEGMENT

. Processing and refinement of top-quality corn, wheat and potatoes to create a variety of different, highly refined starch products . Manufacture of products made of valuable raw materials at the highest quality level, using modern, environmentally friendly methods . Starch and special starch products (eg. organic and GMO free starch) to numerous industrial sectors: . food and beverage industries . baby food industry . paper and paper processing industry . textile industry . construction chemicals industry . pharmaceutical and cosmetic industries

Corporate presentation 2015 20 STARCH SEGMENT MARKET POSITION

. Austrian production sites: 5 STARCH PLANTS . potato starch factory in Gmünd|AUT INCL. 2 BIOETHANOL FACILITIES . corn starch plant in Aschach|AUT . Bioethanol & wheat starch plant in Pischelsdorf|AUT . AGRANA Stärke GmbH: operational management and coordination of international holdings in Hungary and Romania . Bioethanol business: part of the Starch

segment Countries with production sites Main markets . Focus on highly refined speciality products Starch plants . Innovative, customer-driven products Bioethanol plants supported by application advice . Leading position in organic and in GMO- free starches for the food industry

Corporate presentation 2015 21 SEGMENT FRUIT

Corporate presentation 2015 22 FRUIT SEGMENT

. processing of fruit in the gentlest way possible, applying state-of-the-art production processes. Refinement of fruit into top quality fruit preparations and fruit juice concentrates . fruit juice concentrate business: operated by AUSTRIA JUICE (formerly Ybbstaler) as a joint venture between AGRANA and RWA (Raiffeisen Ware Austria AG) . AGRANA Fruit … . is the global market leader in producing fruit preparations for the dairy, baking and ice-cream industries . is a leading producer of fruit juice concentrates in Europe and . has established a global presence based on its production facilities and international sales activities

Corporate presentation 2015 23 FRUIT SEGMENT MARKET POSITION

25 FRUIT PREPARATION PLANTS & FRUIT PREPARATIONS 14 FRUIT JUICE CONCENTRATE PLANTS

. World Market Leader in Fruit preparations: . global market share > 30% . Currently: . Europe: stagnating market’s sales volumes of fruit preparations in Europe at a high absolute level . good market growth rates in the Americas and the Asia-Pacific region

FRUIT JUICE CONCENTRATES Countries with production sites . Largest producer of fruit juice concentrates in Potential Growth Regions Europe (AUSTRIA JUICE) . Additional customer portfolio and new markets . Optimisation measures taken in previous years show their positive effects

Corporate presentation 2015 24 FRUIT PREPARATION – WHAT IS IT ABOUT?

FRUIT SUGAR FRUIT PREPARATIONS

+ =

… most important ingredient … sweetens and supports optional flavors and of fruit preparations taste and durability colours for an even . Frozen (IQF or block) . Crystal sugar fruitier taste and a nice . Aseptic . Liquid sugar (syrup) colour . Purees . Other sweeteners . Concentrates

THICKENERS create a good mouth-feel and prevent emulsions . Pectins . Starch . Guar, Xanthan, …

Corporate presentation 2015 25 AGRANA RESEARCH & INNOVATION CENTER TULLN|AUT RESEARCH & DEVELOPMENT

AGRANA Research & Innovation Center (ARIC)

. Bundling of all R&D activities in Tulln . Synergies in crossdivisional research topics: Clean Label / Nutrition / Sweeteners / Flavors . Networking with other research institutions . Aim: to secure and actively shape the company’s success in the future through innovations: . product innovations . innovations related to our processes and production technology . State-accredited testing unit for yield and quality evaluation of sugar beets . Specialised R&D expertise is also made available to third parties

Corporate presentation 2015 26 SUSTAINABILITY AT AGRANA

Sustainability = a harmonious balance of economic, environmental and social responsibility

AGRANAs six subject areas in terms of sustainability: . Environmental and social criteria in the sourcing of agricultural raw materials . Environmental and energy aspects of production . Labor practices and human rights of employees . Product responsibility and sustainable products . Compliance and business conduct . Social engagement

AGRANA formulated three principles that sum up its concept of sustainability more concretely and reflect the six core subjects most significant for the Group:

At AGRANA we … . Utilise almost 100% of our raw materials and employ low-emission technologies to protect the environment . Respect all our stakeholders and the communities where we operate . Engage in long-term partnerships

Corporate presentation 2015 27 MEASURES IN THE CORE BUSINESS SUSTAINABILITY AT AGRANA

ENERGY EFFICIENCY

. Reduced emissions by low-temperature dryers in Tulln and Leopoldsdorf|AUT . Since its introduction in FY 11|12 around

95,000 tonnes of CO2-eq. saved . Project was awarded climate protection award from Austria Environment Ministry . Kaposvár|HU: operation of third fermenter enabled in FY 13|14 about 70% of primary energy needs to be met from biogas produced on site . Certification of Austrian production sites in accordance with ISO 50001 since 2014

Corporate presentation 2015 28 MEASURES IN THE CORE BUSINESS SUSTAINABILITY AT AGRANA

„ZERO-WASTE“-PRINCIPLE

. Almost complete (98.6 to 99.9%) of raw materials use in all segments through . the efficient use of raw materials . technical innovations and . product development (main & by-products) . Biorefinery Pischelsdorf|AUT: Integration of 2013 opened wheat starch plant and the bioethanol facility . 100% grain utilization  resource efficiency

Corporate presentation 2015 29 BIOREFINERY PISCHELSDORF

BIOETHANOL WHEAT STARCH High-purity CO ActiProt® 2

Corporate presentation 2015 30 " ONE RAW MATERIAL = FOUR PRODUCTS" WITH ONE RAW MATERIAL TO FOUR PRODUCTS

1 wheat starch products WHEAT BRAN

A-WHEAT STARCH WHEAT roller- mill WHEAT GLUTEN starch-factory

B+C -Starch 2 BIOETHANOL

hammer- 3 WHEAT + CORN mill ethanol-plant ACTIPROT® fermenter

4

BIOGENIC CO2

Corporate presentation 2015 31 FOUR PRODUCTS AT PISCHELSDORF SITE

. Wheat starch, bran and gluten . Bioethanol: . Capacity: processing of around 500,000 tonnes of cereals p.a. to approx. 240,000 m³ bioethanol p.a. . Sales of bioethanol: . 50 %: domestic . 50 %: export > loss of 190,000 tonnes of greenhouse gas emission savings for Austria! . Ecological added value: . Saving of greenhouse gas emissions compared to petrol (life cycle analysis performed by Joanneum Research) . GMO-free protein-rich animal feed (ActiProt®): . Production volume: approx. 180,000 to p.a. . Ecological added value: substitution of around 1/3 of Austria’s soya-protein animal feed imports from South America . Biogenic carbonic acid (processed by Air Liquide to make high-purity carbonic acid)

. Liquification of biogenic CO2 previously bound in plants . Used in particular for carbonised beverages

. This substitutes fossil-based CO2 Corporate presentation 2015 32 2014|15 BUSINESS FIGURES

Corporate presentation 2015 KEY FINANCIALS

€m 2014|15 2013|14* Change % Revenue 2,493.5 2,841.7 (12.3) EBITDA 181.9 214.3 (15.1) Operating profit (EBIT) 121.7 166.9 (27.1) Operating profit before except. items (5.7) 3.9 (245.7) Operating Margin % 4.9 5.9 (1.0) pp Profit for the period 84.6 107.0 (20.9) Dividend 3.60 3.60 0.0 Investments 91.2 130.0 (29.8) Earnings per share 5.70 7.40 (23.0) Employee, average 8,708 8,505 2.4

*The prior-year data have been restated under IAS 8.

Corporate presentation 2015 34 CONSOLIDATED BALANCE SHEET

€m (condensed) 2014|15 2013|14* Change €m Non-current assets 1,136.6 1,104.5 32.1/pp Current assets 1,270.3 1,287.7 -17.4 Total assets 2,406.9 2,392.2 14.7

Equity 1,194.4 1,191.0 3.4 Non-current liabilities 418.1 412.5 5.6 Current liabilities 794.4 788.7 5.7 Total equity and liabilities 2,406.9 2,392.2 14.7

Equity ratio 49.6% 49.8% -0.2pp Net debt 330.3 386.8 -56.5 Gearing ratio 27.7% 32.5% -4.8pp

*The prior-year data have been restated under IAS 8.

Corporate presentation 2015 35 CONSOLIDATED CASHFLOW STATEMENT

€m (condensed) 2014|15 2013|14* Change % Operating cash flow before change in 168.6 186.1 -9.4 working capital

Losses/(gains) on disposal of non-current 0.1 (1.0) 110.0 assets

Change in working capital 58.6 98.8 -40.6

Net cash from operating activities 227.3 283.9 -19.9

Net cash (used in) investing activities (87.1) (126.5) 31.1

Net cash (used in) financing activities (78.4) (139.1) 43.6

Net increase in cash and cash equivalents 61.8 18.3 237.7

*The prior-year data have been restated under IAS 8.

Corporate presentation 2015 36 ANALYSIS OF NET FINANCIAL ITEMS

€m 2014|15 2013|14* Change %

Net interest expense (10.2) (13.4) 23.9

Currency translation differences 8.7 (16.9) 151.5

Share of results of non-consolidated 0.8 1.1 -27.3 subsidiaries and outside companies

Other financial items (4.5) (1.0) 350.0

Total of net financial items (5.2) (30.2) 82.8

*The prior-year data have been restated under IAS 8.

Corporate presentation 2015 37 AGRANA OUTLOOK

Corporate presentation 2015 OUTLOOK

2015|16 . Group revenue: expected to remain steady . EBIT: slight increase projected . Sugar: persistent strong general downward pressure on prices . Starch: competitive pressure in saccharification products, but improved margin projection for bioethanol . Fruit: revenue and EBIT growth . Total investment in the three business segments in 2015|16 at about € 112 million  thus exceeding depreciation of just under € 90 million

Corporate presentation 2015 39 DISCLAIMER

This presentation is being provided to you solely for your information and may not be reproduced or further distributed to any other person or published, in whole or in part, for any purpose. This presentation comprises the written materials/slides for a presentation concerning AGRANA Beteiligungs-AG (“Company”) and its business.

This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or investment decision.

This presentation includes forward-looking statements, i.e. statements that are not historical facts, including statements about the Company's beliefs and expectations and the Company's targets for future performance are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore investors should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events.

Although care has been taken to ensure that the facts stated in the presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company no representation or warranty, express or implied, is given by or on behalf of the Company any of its respective directors, or any other person as to the accuracy or completeness of the information or opinions contained in this presentation. Neither the Company nor any of its respective members, organs, representatives or employees or any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

Corporate presentation 2015 40