Hans van der Pol , Ph.D.

Director Strategic MarketingNew Business Ventures

CREATING NEW BUSINESSES BASED ON LACTIC ACID CORE COMPETENCES

BIO Pacific Rim SummitDecember 7-9, 2014

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1. Corbion profile

2. Lactic Acid technology

3. Lactic acid products and applications

4. Growth of lactic acid market

5. Growth opportunities beyond lactic acid

6. Summary and conclusions

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Outline

December 9, 2014

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o Corbion:• A Dutch multinational formed by former Purac and Caravan Ingredients• Headquartered in Amsterdam, The Netherlands• Listed at Amsterdam Stock Exchange (Corbion)• 2013 turnover € 744 million, EBITDA € 99 million• 1900 employees, 200 in R&D• 10 manufacturing facilities

o Focus on:• Natural food preservation• Biobased building blocks & chemicals• Monomers for bioplastics

o 80 years of experience in the development, production and marketing of natural and biobasedchemicals

o Largest and most experienced producer of Lactic Acid

o Global sales network & manufacturing footprint

Corbion profile

“Designed by Science, Powered by Nature and delivered through dedication”

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1| Corbion profile

December 9, 2014

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Corbion-Purac Global Presence

October 29, 20144

1| Corbion profile

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Lime

Sugar Gypsum Co-Products

Fermentation Acidification Purification

Sulphuric acid Energy

Current Lactic Acid Production

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Lactic

acid

2| Lactic Acid Technology

December 9, 2014

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Lactic

acid

Biomass Gypsum Co-Products

Fermentation Purification

Energy

Future Lactic Acid Production with Corbion’s proprietary Platform Technology

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Acidification

2| Lactic Acid Technology

December 9, 2014

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• 10 kTon/yr Demo Plant

• Start-up July 2013

• Product within specifications

• Running within >95% of design specifications since early August 2013

Demonstration of gypsum-free Lactic Acid process in Gorinchem, NL

7 October 29, 2014

2| Lactic Acid Technology

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Cellulose options for High Volume Biobased Chemicals in the Pipeline

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Empty corn cobs WoodBagasse

Corbion assets in 2G Biomass value chain:

• Superior Process performance Lactic Acid vs. Bio Ethanol• Biomass scouting & evaluation• Pretreatment Technologies scouting & evaluation• Fermentation and tailor made strain development• Pilot and Demo capabilities

May 12-15, 2014

2| Lactic Acid Technology

December 9, 2014

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Lactic acid: 2 stereoisomers

L (+) lactic acid D (-) lactic acid

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Purac® Lactic Acid : Pure L(+) or D(-) Synthetic LA is a 50/50 mixture of L(+) and D(-)

3| Lactic Acid Products and Applications

December 9, 2014

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Corbion value propositions for food markets: Preservation, taste and nutrition enabled by deep understanding of functionalities

Natural food

Healthy food

Low Calory foodAcidified food

Fresh food

Delicious food

Safe Food

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Nutricious food

3| Lactic Acid Products and Applications

December 9, 2014

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L(+) Lactic acid Applications enabled through dedicated application and market development and understanding of market needs

Personal Care

Medical Industrial

Bioplastics Coatings

Animal Health

Agro Home Care

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3 | Lactic Acid Products and Applications

December 9, 2014

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Natural lactic acid market growth has been driven by continuousinnovation

Specialty industrial acid

Food ingredients

Chemicals and Pharma

Bioplastics and Chemicals

Innovation topics:• Technology• New products• Product purity• Functionalities• Applications• Services• PartnershipsExternal drivers:• Safety• Natural• Environment• Regulations• Sustainability

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PLA

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Synthetic

Figure for illustrative purposes only (Index)

In each growth phase different trends needed to be addressed

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4| Growth of Lactic Acid market

December 9, 2014

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Growth drivers for lactic acid market in different phasesPhase Key Products Key Applications Functionalities Market Drivers

Until 1980 Synthetic lactic acid

• Leather Tanning• Metal plating• Textile dyeing

• pH control Basic functions

1980-1990 • Natural Lactic acid

• Lactate salts

• Food applications • pH control• Preservation• Fortification• Bio-availability

• Replacement of synthetic by natural L(+) LA

• Taste profile

1990-2000 • Lactate esters• Lactate salts

• Cosmetics• Personal care• Microelectronics• Agro• Detergents• Oil Field• Animal Feed• Bioremediation

• Moisturizing• Safety• Solvency• Adjuvancy• Descaling• Anti-bacterial

• Product Purity• Regulatory for

chemicals, solvents, biocides

2000 onward

• D(-) lactic acid• Lactides

• PLA• Acrylic Acid, PDO• Resins• Chiral synthesis

• Biodegradability• Bio-based• Chirality• Intermediate

• Sustainability• Technology

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4| Growth of Lactic Acid market

December 9, 2014

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Lactic acid: a Biobased Intermediate Platform

Acrylic AcidPolymers

(Acrylate resins,SAP)

Lactate Salts (K, Na, Ca)

FormulationsFood, Feed, Home and

Personal Care

Lactate Esters(ML, EL, BL)

FormulationsSolvents, Cleaning, Agro, Electronics

Lactides(LL, DD, DL)

Polymers(PLA, PU, CASE)

FormulationsFood, Feed, Home and

Personal Care

Lactic acidL(+) and D(-)

1,2-PDO Formulations(Coolants)

December 9, 2014

4| Growth of Lactic Acid market

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………

D(-) LA

Acrylic Acid

FDCA

Growth Opportunities Enabled by Corbion Proprietary Technology Platform Synergies

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Succinic acid

upstream

non-food feedstock

downstream

salt free

80 years

bio basedbuilding blocks

C5-C6sugars

• Detoxification• C5 fermentation• C6 fermentation

Adapted

DSP

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October 29, 2014

5| Growth Opportunities Beyond Lactic Acid

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Corbion moving beyond Lactic Acid

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Lactic acid and lactates

Succinic acid

Building on Corbion Purac core capabilities • Fermentation and down-stream processing• Salt-free production of organic acids• Purac global production sites & network

Partnership with:

L and D-Lactide

Acquisition

2014

FDCA

Acrylic Acid Partnerships

Manufacturing

o Globally

o Thailand(75 kton)

o Spain (Montmeló)

Partnership with:

2010

> 80 years experience

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1,2-PDO based on Lactic Acid

5| Growth Opportunities Beyond Lactic Acid

December 9, 2014

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• Strong and protected Technologyo Continuous improvement of manufacturing processo Sustainability as driver for improved process wit low environmental impacto Continuous improvement of technology and product specifications

• Application development to identify functionalities in key applicationso Low taste for preservationo High purity solvents for electronicso Specific registrations for different application fieldso Strong value propositions

• Biobased in itself not the key-driver for growth, but rather safety, regulatory, functionality and performance

• Development of derivative products to broaden addressable market: o Solvents for electronics and agroo Blends for foodo Purac Sanilac® for household & personal careo D(-) and Lactides for PLAo Large drop-in markets like Acrylic Acid and 1,2-PDO

Key Success Factors in Lactic acid market growth and Beyond

17 December 9, 2014

6| Summary and Conclusions

“Designed by Science, Powered by Nature and

delivered through dedication”

Bio Pacific Rim SummitDecember 7-9, 2014