Investors

Ladies and Gentlemen,
Dear Shareholder,

With the successful acquisition of the Ingredients division of Spanish group Natraceutical in 2009, Naturex emerged as the world leader in specialty plant-based natural ingredients, and 2010 looks just as promising.

Today, Naturex is driven by an increasing market demand for natural products worldwide. Every year, the number of new products using natural coloring agents or bearing the labels "natural" or "healthy" continues to rise to meet consumer needs. Naturex is considered as a privileged partner of Food & Beverage, Nutrition and Healthcare players.

This stimulating environment is the perfect path to encourage Naturex's ongoing development. This success is the result of a permanent innovation policy supported by strong Research and Development investments, a high-performance industrial resources with 11 production sites around the world, and a strong customer relationship through a dedicated sales force in 16 sales offices across the 5 continents.

Our results at the end of June are concrete proof of the excellent work being carried out by each Naturex employee, particularly in terms of commercial development and integration. Like-for-like, revenue is up by almost 15% and our operating margin has improved by 2.1 points. In fact, at constant perimeter, we generated a higher level of earnings in the space of just 6 months than we did for the whole of 2009 (€ 7.6 million compared to € 6.8 million).
This extremely positive trend accelerated over the summer, resulting in a 16.7% increase in revenues at constant scope and in constant currencies at the end of September.
We have subsequently raised our financial targets for 2010. Our new objective is a 10 to 15% increase in sales at constant scope and in constant currencies compared to an initial forecast of between +5 and +10%. At the same time, we will also be seeking to improve our operating margin by 2.5 to 3 points on the proforma figure for 2009 (9% of revenue).

Bolstered by the success of an integration that was completed in record time, our group is looking into new opportunities for expansion. The aim being to step up our development, most notably in the cosmetics sector, or strengthen our presence in certain countries through targeted and highly complementary acquisitions.

Next year, we will be celebrating 15 years of market listing. During that period our group's revenue has gone from € 5 million to close to € 200 million, and our market capitalization has increased from € 15 million to over € 260 million. Today, I am delighted to see that our shareholders are as loyal as ever and that more and more of you are keen to take part in this extraordinary adventure. On behalf of all of Naturex's teams, thank you for your confidence.