Investors

Ladies and Gentlemen,
Dear Shareholder,

2009 will go down in the history of Naturex group as a year of success:

• commercial success first of all since, despite the economic decline, our group has achieved organic growth of over 5.5% in constant currencies by developing each of our different business lines;
• financial success next, with the group's operating margin improving once again (12.8% of revenue), a record net profit of € 5.2 million and even stronger financials thanks notably to the € 17.3 million capital increase we carried out in February 2009 despite the financial crisis. On that note, my thanks obviously go out to all of our shareholders that took part in the operation for the confidence and trust that they have placed in the future of our group;
• strategic success finally and above all as, with the acquisition of the Ingredients Division of Spanish group, Natraceutical, we have established ourselves as the global leader in specialty plant-based natural ingredients.

Today, Naturex ranks as a key player on the fast-growing market of natural products with:

• 3 product ranges that span the food, health and cosmetics sectors;
• € 186 million in pro-forma revenues in 2009;
• a 900-strong workforce around the world;
• 11 production facilities;
• 15 sales offices on all 5 continents.

Backed by this new dimension, Naturex has entered another extremely promising phase in its development.

Our priority for 2010 will be the successful integration of the Ingredients Division of Natraceutical group purchased at the end of 2009 - something we are very confident about given Naturex's proven ability to integrate its acquisitions.

2010 will be a year of major growth for our new structure during which we will work to improve its operating margin.

I look forward to seeing you at our Annual General Meeting on June 30, when your Board of Directors will propose an increase of 10% in dividends per share to € 0.11. As an expression of our gratitude, our loyal shareholders will also be given the option to receive their dividend in the form of shares at a discount price on their reference market value.