Corbion N.V. — Interim / Quarterly Report 2012

Oct 26, 2012

CSM nv Corporate Communications

Nienoord 13 112 XE Diemen PO Box 349 1000 AH Amsterdam e Netherlands 1 th

31 (20) 590 6320 T +

E saskia.nuijten@csmglobal.com

I www.csmglobal.com

Press Release

CSM Q3 2012 Interim Management Statement

date Diemen, the Netherlands, October 25 2012

CSM reports higher sales and EBITA before one-off costs in the third quar to the third quarter of 2011. EBITA excluding one-off co hird quarter of 2012 compared sts amounted to € 40.4 million, an improvement and cost reductions paid off and Positive tiatives for ter increase of € 10.1 million. Our focus on margin was the most important factor in the recovery of our EBITA before one-off costs. currency effects supported both sales and EBITA. One-off costs related to ini structural cost reduction and the strategic transformation of CSM. in

Key facts

• 1. Organic sales %). Currency US dollar. The year- (0.9%). • Sales for the third quarter were € 834.2 million compared with € 784.8 million in 201 growth was - 2.7%, a combination of higher prices (0.7%) and lower volumes (- 3.4 movements had a positive impact of € 63.9 million (8.1%) largely due to a stronger on-year increase in Q3 2012 attributable to acquisitions amounted to € 6.9 million
• ositive price • Sales year-to-date increase d by 6.5%. Sales in constant currencies increased by 0.4%. Organic sales growth was -0.4%, a combination of lower volumes of 3.1%, partly offset by a p effect of 2.7%. The acquisition effect was 0.8%.
• crease of € 10.1 in 2011. A strong improvement in North America of constant currency and positive exchange rate differences of € 4.2 million were the rs behind this increase. • EBITA excluding one-off costs in the third quarter amounted to € 40.4 million, an in million or 33.3% compared with the same period € 5.9 million at main facto
• o-date excluding o s amounted to € 11 rease of 3.3% are ency movements positively impact by € 9.5 million compared with . EBITA year-t d ne-off costne-off cost 4.1 million, an inc comp with 2011. Curr011. Curr ed EBITA 2011
• strateg n tion of CSM is progressing according to the timeline set. Related costs of € millio r e one-off costs. The ic tra sforma 18.5 n incu red so far are included in th

Quarter 3			Year To Date Q3
2012	2011	x € million	2012	2011
834.2	784.8	Net sales	2,459.9	2,310.1
40.4	30.3	EBITA excluding one-off costs*	114.1	110.5
20.9	28.3	EBITA	87.6	102.8
4.8%	3.9%	EBITA % (excl. one-off costs)**	4.6%	4.8%

Key figures

*) The one-off costs in 2012 relate to the restructuring program Relevance and to strategic transformation of CSM. The one-off costs in 2011 relate to the integration of Best Brands and the effects of a fire in our plant in Brazil.

**) EBITA as % of net sales

The figures in this press release have not been audited.

Commenting on the third quarter results, Gerard Hoetmer, CEO of CSM, said:

"Despite the ongoing challenging trading environment I am pleased we have ach of the underlying results of our company ieved a further recovery . Based on improved margins and the effects of our arter of 2012 improvement program Relevance, our EBITA excluding one-off costs in the third qu increased compared to the third quarter of 2011.

I am especially pleased with the development of our results in our North American Bakery Supplies ove their EBITA businesses; Bakery Products, Caravan Ingredients and BakeMark were all able to impr in a market impacted by lower consumer spending.

Bakery market, ss. In line with their strategy, Bakery Supplies Europe is successfully targeting growth in the out-of-home and in-store bakery channels, while sales in Continental Europe s. However, this ere our objective is to In Europe, the consumer trend to switch to lower priced sales channels continued in the impacting our artisan busine benefited from the experience and know-how of our UK and US activities in these area growth could not mitigate the impact of declining volumes in the artisan market, wh further improve our market shares.

At Purac, total volumes declined slightly due to a small volume decline in the Food activities which was s are still ially low cost meat ges in 2011 which allowed the use of cheaper chemical based ate for this decline. not fully offset by the volume growth in the Chemicals & Pharma unit. The Food activitie impacted by a decline in the sale of natural meat preservation solutions in espec products, due to legislation chan alternatives. The growth achieved in the other food segments could not fully compens

tisfactory against h Purac and Caravan Ingredients increased in Q3 compared to Q3 2011. The performance of Future CSM, consisting of Purac and Caravan Ingredients, was sa a background of ongoing tough market situation. EBITA at bot

ue to respond to changing consumer preferences towards lower cost/better value products. Our Relevance restructuring full We have covered most of our raw materials for the remainder of 2012. We will contin program is on track and is contributing to the improved results. As announced previously, savings in year 2012 will exceed the original target of € 30 million of savings in 2012.

The recently announced joint venture with BASF to develop a market leader position in bio-based succinic acid is an important step forward in the execution of our strategy to develop CSM into a biobased ingredients company.

I want to express my sincerest thanks and appreciation to all the employees who are continuing to focus on serving our customers and driving results in these challenging times and also adapting successfully to major changes in our organization."

Strategic transformation of CSM

The strategic transformation of CSM is developing according to plan with the Information Memorandum ted parties as of regarding the Bakery Supplies activities being sent out to selected potentially interes today.

. The forward to be sold show consistent sales growth for the Bakery the bakery markets. We . in line with GDP, The Information Memorandum includes both historical and forward looking information looking statements for the business intended Supplies business for the next few years, at least in line with expected growth of expect the European and North American bakery markets to continue to grow approx and in the emerging markets to grow faster than GDP.

trengthen, particularly in our North American business. As a result of our Relevance program and continued strict cost control, expenses expressed as a percentage of sales are expected to decrease in the next few years. Expense control and efficiency improvements are supported by capital investments. Working capital and capital expenditure requirements are expected to remain in line with recent years. Margins for the business intended to be sold are expected to s

iness d pme Bus evelo nts

Breakdown of relative sales growth Q3 2012 compared to Q3 2011:

	Total Growth €	Currency	Total Growth local currency	Ac s quisition	Organic	Price/Mix	Volume
BSNA	11.1%	12.7%	-1.6%	0.0%	-1.6%	1.2%	-2.8%
BSEU	0.3%	2.2%	-1.9%	2.5%	-4.4%	1.2%	-5.6%
Purac	3.4%	5.8%	-2.4%	0.0%	-2.4%	-0 .8%	-1.6%

Breakdown of relative sales growth Year To Date 2012 compared to Year To Date 2011:

	Total Growth €	Currency	Total Growth local currency	Acquisitions	Organic	Price/Mix	Volume
BSNA	10.0%	9.6%	0.4%	0.0%	0.4%	3.5%	-3.1%
BSEU	2.5%	1.5%	1.0%	2.2%	-1.2%	2.9%	-4.1%
Purac	3.2%	4.4%	-1.2%	0.0%	-1.2%	-0.7%	-0.5%

Breakd TA, excludin own of EBI g one-off costs, Q3 2012 compared to Q3 2011.

	Quarter 3	x € million	Yea r To Date Q3
2012	2011		2012	2011
28.9	18.7	SNA B	84.2	70.8
6.7	7.0	BSEU	16.1	25.6
11.5	10.2	Purac	32.8	35.1
-6.7	-5.6	Corporate	-19.1	-21.0
40.4	30.3	Total	114.1	110.5

• Bakery plies Total Sup

Quarter 3			Year To Date Q3
2012	2011	x € million	2012	2011
727.7	681.8	Net sales	2,142.3	2,002.3
35.6	25.7	EBITA excluding one-off costs*	100.3	96.4
29.7	23.7	EBITA	88.8	89.8
4.9%	3.8%	ROS (excl. one-off costs) **	4.7%	4.8%

*) The one-off costs in 2012 relate to restructuring program Relevance and to the strategic transformation of CSM. For 2011 these relate to the integration of Best Brands.

**) EBITA as % of net sales

• Bakery Supplies North America

Quarter 3			Year To Date Q3
2012	2011	x US\$ million	2012	2011
562.6	572.3	Net sales	1,688.9	1,684.7
36.1	26.6	EBITA excluding one-off costs*	107.8	99.6
32.5	23.7	EBITA	104.2	90.3
6.4%	4.6%	ROS (excl. one-off costs) **	6.4%	5.9%

Quarter 3			Year To Date Q3
2012	2011	x € million	2012	2011
450.2	405.1	Net sales	1,318.9	1,198.7
28.9	18.7	EBITA excluding one-off costs*	84.2	70.8
26.1	16.7	EBITA	81.4	64.2
6.4%	4.6%	ROS (excl. one-off cost) **	6.4%	5.9%

*) The one-off costs in 2012 relate to restructuring program Relevance and to the strategic transformation of CSM.

For 2011 these relate to the integration of Best Brands.

**) EBITA as % of net sales

Net sales decreased compared to last year as a result of lower volumes sold. Lower c across all channels negatively impac onsumer spending ted sales, Based on available market data we believe that we are at volume effect of least maintaining market share. Organic growth was -1.6% as a result of a negative 2.8% and a positive price/mix effect of 1.2%.

r by US\$ 9.5 million. The EBITA effect of lower volumes was compensated by better margins, growth of our EBITA was subsequently realized by lower warehousing and distribution costs as well as lower SG&A costs. Our verall cost level through the Relevance program are paying off. EBITA excluding one-off costs improved strongly compared to Q3 last yea initiatives to reduce the o

Quarter 3			Year To Date Q3
2012	2011	x € million	2012	2011
277.5	276.7	Net sales	823.4	803.6
6.7	7.0	EBITA excluding one-off costs*	16.1	25.6
3.6	7.0	EBITA	7.4	25.6
2.4%	2.5%	ROS (excl. one-off cost) **	2.0%	3.2%

• ry Bake Supplies Europe

*) The one-off costs in 2012 relate to restructuring program Relevance and to the strategic transformation of CSM. **) EBITA as % of net sales

Sales in Bakery Supplies Europe increased in the 3rd quarter by € 0.8 million (0.3%) compared to last e decreases in the e lower volume promotional activities in the artisan channel in September 2011. This resulted in a temporary boost to Q3 2011 volumes. The impact on sales from acquisitions was € 6.9 million. year. Organic growth was negative 4.4% as a result of a negative volume effect of 5.6% and a positive price/mix effect of 1.2%. Our sales are in line with the trend in the market with volum artisan and industry channels whereas out-of-home and in-store bakery increased. Th reflected a combination of a continued tough market environment and a non-recurring push in targeted

EBITA excluding one-off costs was € 0.3 million lower than Q3 2011. We are still confronted with the impact on EBITA from lower sales as a result of lower demand in especially our profitable artisan channel. This effect and inflationary cost increases are largely compensated by better margins and the cost savings from the Relevance program.

• Purac

Quarter 3			Year To Date Q3
2012	2011	x € million	2012	2011
106.5	103.0	Net sales	317.6	307.8
11.5	10.2	EBITA excluding one-off costs*	32.8	35.1
11.5	10.2	EBITA	32.4	34.0
10.8%	9.9%	ROS (excl. one-off cost) **	10.3%	11.4%

*) The one-off costs in 2012 relate to restructuring program Relevance, for 2011 to the effects of a fi **) EBITA as % of net sales re in our plant in Brazil.

Q3 sales incre ased by 3.4% (€ 3.5 million) compared to 2011. Currency effects impacted sales positively by gative price/mix rease in our Food per chemical based alternatives. 5.8%. Organic growth was -2.4% as a result of a negative volume effect of 1.6% and a ne effect of 0.8%. Increased volumes in Chemicals and Pharma partly compensated the dec activities. Meat preservation sales are still under pressure due to the allowance to using chea

EBITA excluding one-off costs increased by € 1.3 million compared to 2011. A better sales mix, Relevance savings and positive currency effects more than compensated increased costs incurred to support various growth initiatives, for example our lactide factory in Thailand and increased FTEs in marketing and innovation.

For more information, please contact:

Press: Saskia Nuijten, Corporate Communication, Tel. +31 (0)20 5906320 / +31 6 21812453 Analysts: Jeroen van Harten, Investor Relations, Tel. +31 (0)20 5906293 / +31 6 21577086

Background information:

CSM is the largest supplier of bakery products worldwide and is global market leader in lactic acid and lactic acid derivatives. CSM produces and distributes an extensive range of bakery products and ingredients for artisan and industrial bakeries and for in-store as well as out-of-home markets. It also produces a variety of lactic acid applications for the food, chemical and pharmaceutical industries. CSM operates in business-to-business markets throughout Europe, North America, South America, and Asia, generates annual sales of € 3.1 billion and has a workforce of around 9,700 employees in 28 countries. CSM is listed on NYSE Euronext Amsterdam. For more information HUwww.csmglobal.comU