Capital Market Day November 12, 2014

Arne Frank CEO

This presentation includes forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. This presentation contains a number of forward-looking statements including, in particular, statements about future events, future financial performances, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. AAK has based these forward-looking statements on its views with respect to future events and financial performance. Actual financial performance of the entities described herein could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and AAK does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

Forward-looking statements

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Agenda

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10.00 – 10.40 AAKtion Arne Frank, CEO

10.40 – 11.00 Financial update Fredrik Nilsson, CFO

11.00 – 11.25 Infant Nutrition Karel Stoschek, Director Infant Nutrition

11.25 – 11.40 Short break with samples

11.40 – 12.10 Dairy Lena Ingvarsson, Marketing Director Dairy

12.10 – 12.35 Chocolate & Confectionery Fats Anne Mette Olesen, CMO

12.35 – 13.05 Q&A

13.10 – 14.10 Lunch

14.15 – 16.15 Plant visit

AAK participants

Arne Frank President and CEO

Karel Stoschek Director Infant Nutrition

Anne Mette Olesen CMO

Fredrik Nilsson CFO

Lena Ingvarsson Marketing Director Dairy

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Anders Byström Director IR

January – September Volume ’000 MT

Sales SEK million

EBIT* SEK million

EBIT per kilo* SEK

EPS SEK

1,241 (1,196)

12,958 (12,251)

899 (799)

0.72 (0.67)

14.03 (12.39)

+4% Organic –2%

+6%

+13%

+7%

+13% 5 * Excluding acquisition costs and non-recurring items

0.710.72

+1%

0.65

0.67

0.69

0.71

0.73Operating profit per kilo (SEK)

Last year Actual

FI – January to September

6 * For comparable units, volumes decreased by 3 percent

553583

+5%

400

450

500

550

600Operating profit (SEK million)

Last year Actual

776807

+4%*

650

700

750

800

850Volumes ('000 MT)

Last year Actual

FI – January to September

7

0,00

0,25

0,50

0,75

1,00

1,25

1,50

1,75

2,00

2,25

2,50

Bakery Food Service InfantNutrition

Dairy FatAlternative

Frying &Other

commodity

SEK

/kg 2010

2011

2012

2013

2014

Volume EBIT/kg

0

25

50

75

100

125

150

175

200

225

250

275

300

325

Bakery Food Service InfantNutrition

Dairy FatAlternative

Frying &Other

commodity

MT

2010

2011

2012

2013

2014

0

25

50

75

100

125

150

175

200

225

250

275

Bakery Food Service InfantNutrition

Dairy FatAlternative

Frying &Other

commodity

SEK

mill

ion 2010

2011

2012

2013

2014

EBIT

CCF – January to September

8 * For comparable units, volumes decreased by 1 percent

254

332

+31%

150

200

250

300

350Operating profit (SEK million)

Last year Actual

219 230

+5%*

50

100

150

200

250Volumes ('000 MT)

Last year Actual

1.16

1.44

+24%

0.80

1.00

1.20

1.40

1.60Operating profit per kilo (SEK)

Last year Actual

Current market growth estimates

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0-2%

+3-5%

0% +6-10%

+3-6%

0%

-12-18%

AAK y t d vs market growth

10

0-2%

+3-5%

0% +6-10%

+3-6% -12-18%

0%

Mid/long term expectations

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0-2%

+3-5%

+6-10%

+3-6%

0-2%

+2-5%

+3-5%

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Since last Capital Market Day

AAKtion Acquisitions

• CSM Oils & Fats Benelux NV, Belgium • Fanagra, Colombia • Additional brand from Unilever, Turkey

Divestment • Binol

Greenfields • Brazil • China

Product development

AAK Acceleration

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Sales

Customer co-development

Innovation Service

Quality

Productivity

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Raw material prices

15

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

USD

/ton

Rapeseed oil Palm oil

Cocoa butter price

16

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

USD

/ton

Medium and fast growing markets*

17 * Management ambition – edible oil volumes

Nordics West Europe

USA CEE CIS

Asia Latin America

69% 62%47% 40% 40%

30%

18%18%

31%35% 34%

13% 20% 22% 25% 26%

70%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006 2009 2012 2013 2014 2015-2016*

Slow growing markets Medium growing markets Fast growing markets

AAK investing in Brazil A new speciality and semi-speciality edible oils factory in Jundiaí, São Paulo, Brazil This investment is expected to amount to approx. SEK 400 million over a two-year period The main start-up of the new factory is planned for the latter part of 2015 The factory will strengthen our ability to locally supply Bakery and Dairy solutions as well as further develop our CCF business in Brazil The new factory will include a state of the art Innovation Center

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AAK investing in China A new speciality and semi-speciality edible oils factory in Zhangjiagang

• The region has the highest GDP per capita in mainland China

• Chinese center for inbound and outbound logistics for efficient national coverage

The investment is expected to amount to approx. SEK 400 million over a two-year period The start-up of the new factory is planned for the beginning of 2016 Fully utilized, the capacity will be approx. 100,000 MT, with room for further expansion at a later stage The plant will be able to serve our Bakery, Dairy, Infant Nutrition and CCF segments

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Fabrica Nacional de Grasas S.A. (FANAGRA) Located in Colombia

• Headquartered in Bogotá • Factory in Villavicencio

Specializes in vegetable oils and fats for the bakery segment Revenues of approximately SEK 270 million in 2013 Annual volume of 30,000 MT Employs 155 people Limited impact on 2014 operating profit Will fully contribute starting January 2015

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AAK has acquired bakery fats specialist in Belgium

CSM, a leading bakery fats supplier to the bakery markets in Belgium, the Netherlands, France and Germany

The acquired business had revenues of approx. SEK 970 million and volumes of approx. 100,000 MT in 2013 The transaction includes:

• Production facility in Merksem, Belgium

• Variety of bakery fat solutions, margarines and pumpable shortenings

• Experienced sales force

• Team of application specialists

• Bakery innovation center

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Product development – FI

Akopastry – Low fat • Going from typical 82% fat to 60% fat • No loss in functionality, appearance or taste

Akomix LS 25 • Developed for ice cream products • Reduces the SAFA with more than 70%

• Nominated for FIE award, Dairy Innovation of the year

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Product development – CCF

Illexao™ MT 20 • Improved milk fat tolerance resulting in

improved processing

Chocofill™ NH 110 • For steep melting non-hydrogenated fillings

without tempering

• Nominated for Confectionery Innovation of the year at FIE

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Product development – PC

Lipex SheaLightTM • New sustainable light emollient ester derived

from natural resources • An ideal emollient for skin, hair care and

sun care • Very first shea product that maintains the skin

nourishing properties of shea, while leaving the skin with a dry and powdery feel

• Shea emollients known for their skin nourishing, moisturising and anti-inflammatory properties

• Good solubiliser of UV filters in sunscreens

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Management growth ambition*

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800 800

400 400

2010 In appr 5-6 years *As expressed at the Capital Market Day November 10, 2010 and at fixed exchange rates.

Acquisitions Organic growth Productivity Operating profit 2010

2015 – Organic growth

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