Letter to the Shareholders Nordzucker AG - 4/2015

Letter to the shareholders Current information for the shareholders of Nordzucker AG, Nordzucker Holding AG and the partners of Union-Zucker S端dhannover GmbH Issue 04 | 27 October 2015

Dear shareholders, The price trend on the sugar market has again affected our business in the second quarter of 2015/16.

We generated total revenues of around EUR 768 million in the first half year, which was around 21 per cent below the value of the comparable period of the previous year. Similarly, earnings also decreased.

Following net income for the period of EUR 53.1 million in the previous year, the EUR 0.6 million loss for the period was slightly negative.

Tangible upward trend on the sugar market The low prices that could be generated for quota sugar contracts were the cause of the loss in the first half-year. The price development is however now showing an upward trend, both internationally as well as on the European market. Overall, earnings are higher than we had expected; our bioethanol business, which had also developed better than expected due to increased prices, also contributed to this.

Efficiency measures start to take effect Initial cost savings from our comprehensive efficiency programme FORCE, which we launched at the beginning of the year, also contributed positively to earnings. This project also reviews all workflows to further streamline the organizational structure and to reduce activities that deliver no direct added value to customers. Another focus is on reducing costs in purchasing, production and all administrative areas.

Nordzucker AG l P.O. Box 49 21 l D-38039 Braunschweig l Phone +49 531 2411-0 l ir@nordzucker.de l www.nordzucker.de

Operating loss for 2015/16 expected At present, we expect operating losses for the year as a whole, since price increases in sugar have not yet to affect existing contracts and will have a positive effect only later. We continue to make all efforts to prevent operating losses. We will increase our marketing activities while at the same time – as part of FORCE – driving forward short and medium-term effective saving measures that have a direct impact on earnings.

Smooth campaign – average harvest The campaign has now begun at all our sites. In view of the weather over the course of the year, we are expecting an average harvest at most of our European locations. Overall, our plants commenced operations without any major interruptions and are well prepared for the campaign, not least thanks to our investments and maintenance measures. We are convinced that it is vital to maintain and develop our core business and so plan to increase capital expenditure in 2016/17.

Delivery right from the 2017 growing year – preparations in progress The existing sugar market regime with its system of quota regulations and derived delivery rights will come to an end from 1 October 2017. For shareholders of Nordzucker Holding AG and partners of Union-Zucker Südhannover GmbH, the delivery right will come into force in accordance with each company’s articles of associations from the 2017 beet growing year. This right is linked to the share and to the partnership interest. The delivery right can either be fulfilled with the farmer’s own beet cultivation or transferred into our cultivation area as part of a land leasing or other land transfer.

So that the scope of use of the delivery rights for planning the 2017 growing year can be better estimated, Nordzucker Holding AG and Union-Zucker Südhannover GmbH will carry out a survey on individual use of the delivery rights in the coming weeks. Shareholders and partners of both companies may receive the relevant information and forms by post. Please help us by answering the questions, so that we can finalize the contracts in 2016 in time for the 2017 beet cultivation.

Nordzucker AG The Executive Board

The detailed Interim Report Nordzucker AG Three Months you can find here: http://www.nordzucker.de/en/shareholders/service-contact/downloads/interim-reports.html

Nordzucker AG l P.O. Box 49 21 l D-38039 Braunschweig l Phone +49 531 2411-0 l ir@nordzucker.de l www.nordzucker.de