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Report of the Supervisory Board

The Supervisory Board supervises and advises the Board of Management and Executive Committee in performing their management tasks and setting the direction of the business of Corbion. In performing its duties, the Supervisory Board is guided by the interests of the company and its stakeholders. The Rules of the Supervisory Board are available on Corbion's website.

Overview 2020

Due to the COVID-19 pandemic, 2020 has been an unprecedented and very challenging year. The pandemic had a huge impact on everybody's personal life and business situation. As from the start of the pandemic, the Supervisory Board has been in close and frequent contact with the Board of Management and Executive Committee to offer its support and to be kept informed. The Supervisory Board is impressed by how the Executive Committee and the rest of the organization dealt with this crises: protecting the health and safety of our people as our first priority, working very hard to achieve continuity in raw-material supply, production, and timely transportation to our customers.

In March 2020, Corbion presented its strategy for the period 2020-2025: Advance 2025. As our portfolio is well aligned with global market trends, the strategy builds on Corbion’s fundamentals and strengths by bringing further focus to the business portfolio. This will be achieved by increased investments in key growth areas such as natural food preservation and lactic acid, while at the same time reducing the breadth of our business portfolio. Given our purpose "Championing preservation in all its forms: preserving food and food production, health, and the planet", sustainability will become even more important in all our decision-making processes.

With the updated strategy, the organizational structure was also updated introducing three business units. As a result, the Executive Committee was further strengthened with the appointment of two new members. Marco Bootz (former Senior Vice President Sales EMEA and SVP Biochemicals) was appointed as President Lactic Acid & Specialties, while Ruud Peerbooms (former Senior Vice President Food) was appointed as President Algae Ingredients. The Supervisory Board is pleased to welcome Marco and Ruud to the Executive Committee; they bring in-depth knowledge of the global Corbion business as well as the leadership qualities to successfully execute our growth agenda in the coming years.

To further strengthen our market and technology leadership position in an attractive growth market, Corbion announced to build a new lactic acid plant at the existing Corbion site in Rayong Province in Thailand. The new plant will be based on our innovative and proprietary gypsum-free technology. This new technology will further enhance our position as lowest-cost producer of lactic acid at the highest sustainability standards.

Furthermore, Corbion and Total announced their intention to build a new PLA bioplastics plant in France through their Total Corbion PLA joint venture, being the first world-scale PLA production facility in Europe.

Mrs. Ilona Haaijer was appointed by the General Meeting of Shareholders in June 2020 as member of the Supervisory Board. The Supervisory Board is pleased that Mrs. Haaijer further strengthens its expertise with her in-depth knowledge of the global food and ingredients industries, and her appointment also further enhances the diversity of the Board.

From a financial perspective, 2020 was an outstanding year. Organic net sales growth for the Core activities was 7%, which is at the top of the target range of 4-7%, and which was supported by the business units Sustainable Food Solutions, Lactic Acid & Specialties, and Incubator (AlgaPrime DHA). Adjusted EBITDA for Corbion increased by 8.8% to € 158.8 million.

Especially in such a challenging year, the Supervisory Board would like to thank the Executive Committee and all Corbion employees around the world for their care, commitment, resilience, and hard work in 2020.