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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 2021

In 2021, the COVID-19 pandemic again had a huge impact on everybody’s personal life and business situation. The Supervisory Board is impressed by how the Executive Committee and the rest of the organization continued to deal with this crisis: 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.

Eddy van Rhede van der Kloot, CFO, was re-appointed by the General Meeting of Shareholders in May 2021 for a third term (May 2022 - May 2026). The Supervisory Board is pleased that it was able to secure continuity in leadership to further drive the Advance 2025 strategy, execute our investment program to enhance value creation for our shareholders and other stakeholders, and further develop Corbion as an innovative sustainable ingredient solutions company with sustainability at the heart of our Preserving What Matters purpose.

Dessi Temperley was appointed by the General Meeting of Shareholders in May 2021 as member of the Supervisory Board. The Supervisory Board is pleased that Dessi Temperley further strengthens its expertise with her financial and accounting experience, and her commercial insight and knowledge of European markets. Her appointment also further enhances the diversity of the Supervisory Board.

From a financial perspective, 2021 was an extraordinary year for Corbion in a volatile business environment. Our strong organic net sales growth of 15% for core - mostly driven by volume growth - was achieved under challenging circumstances, and was supported by the business units Sustainable Food Solutions, Lactic Acid & Specialties, and Incubator (AlgaPrime DHA). On the other hand our Adjusted EBITDA margin was adversely impacted by higher input costs not yet reflected in the sales prices, and increased fixed costs due to investments in organizational capabilities in line with our Advance 2025 strategy.

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 2021.