Corbion N : Notulen AvA 19 mei 2021 (English only)

Dear shareholders,

Please find herewith the draft minutes of the Virtual Annual General Meeting of Shareholders of Corbion on Wednesday 19 May 2021, held at "Het Muziekgebouw aan 't IJ" in Amsterdam.

In accordance with the best practice provisions of the Dutch Corporate Governance Code, shareholders are given the opportunity to respond to these minutes.

We kindly request you to send us any responses by 18 November 2021 to the e-mail address [e-mail] by post.

With kind regards,

Corbion nv

18 August 2021

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Geachte aandeelhouders,

Hierbij treft u aan de concept-notulen van de op woensdag 19 mei 2021 virtuele Algemene Vergadering van Aandeelhouders, gehouden in Muziekgebouw aan 't IJ in Amsterdam.

In overeenstemming met de best practice bepalingen van de Nederlandse Corporate Governance Code wordt aandeelhouders de gelegenheid geboden op deze notulen te reageren.

Wij verzoeken u vriendelijk uw eventuele reacties uiterlijk 18 november 2021 aan ons door te geven op het e-mail adres [e-mail] per post aan ons toe te sturen.

Met vriendelijke groet,

Corbion nv

18 augustus 2021

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MINUTESof the Virtual Annual General Meeting of Shareholders of Corbion on Wednesday 19 May 2021 at "Het Muziekgebouw aan 't IJ" in Amsterdam.

1. Opening

The Chairman, Mr. Vrijsen,opens the meeting at 14.30 hours and welcomes all participants to this virtual meeting which is broadcasted via webcast.

The language of this meeting is English. For those who do not speak English the meeting will be translated and they can follow this translation via the webcast.

This meeting takes place under special and difficult circumstances due to the Corona-virus situation. Since the beginning of 2020 we all have been affected heavily by the Corona-virus both in our private and business lives. The directions given by the Dutch Government have caused us to organize this meeting as virtual meeting allowing shareholders to participate via webcast. Mr. Vrijsen regrets that it is not possible to meet in person this year, and hopes that such opportunity will be available again at the next occasion.

Mr. Vrijsen introduces the persons behind the table. Some of the members of the Supervisory Board participate by video-conference; the other participants on behalf of Corbion are present in in Het Muziekgebouw aan 't IJ in Amsterdam. He also shows how this looks like.

Participating by video-conference are Mrs. Liz Doherty, member of the Supervisory Board, Mrs. Dessi Temperley, nominated member of the Supervisory Board, Mr. Steen Riisgaard, member of the Supervisory Board, and Mr. Rudy Markham, Vice-Chairman of the Supervisory Board.

Next to Mr. Vrijsen, in Amsterdam are present Mrs. Ilona Haaijer, member of the Supervisory Board, Mr. Jack de Kreij, member of the Supervisory Board and Chairman of the Audit Committee, Mr. Jurgen te Nijenhuis from KPMG, Mr. Olivier Rigaud, CEO, Mr. Eddy van Rhede van der Kloot, CFO, Mr. Harry Noppers, Company Secretary, and Mrs. Mariette Mantel, secretary for this meeting.

Formalities

All legal and statutory requirements have been complied with to convene this meeting. The convocation documents for this meeting were published on Corbion's website on 7 April 2021 and as of that date were also available at Corbion's offices. Shareholders who were registered in the shareholders' register on the record date for this meeting have been notified by letter. Mrs. Mantel will make the minutes of this meeting.

Questions

In connection with the orderly conduct of this meeting, for each specific agenda item, as announced in the convocation documents, only questions that have been submitted in writing prior to this meeting by shareholders will be answered by Corbion.

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The questions that have been submitted will be addressed per agenda item and the questions will be shared on the screen which can be followed via the webcast.

Furthermore, only shareholders who have submitted a question prior to this meeting, are allowed to ask a follow-up question during this meeting by sending an email to [e-mail] this meeting. Any follow-up questions will be addressed at the agenda item "Any Other Business".

Voting

Mr. Vrijsen further remarks that as explained in the convocation documents as posted on Corbion's website, the voting on all agenda items has been completed prior to this meeting. Shareholders have had the opportunity to use electronic or written proxies to cast their votes.

For each agenda item that is a voting item, the text of the proposal that has been voted on will be shown on the screen. For each voting item, it will be shown on the screen how many votes have been cast in favor of the proposal, how many votes have been cast against the proposal and how many votes have abstained from voting. After that he will inform shareholders whether or not a specific voting item has been adopted.

Votes were cast for 45,220,076 shares, representing 76.81% of the issued and qualified to vote capital. Every share was entitled to one vote.

2. Annual Report 2020

Mr. Vrijsensays that as usual, the Chairman of the Board of Management, Mr. Olivier Rigaud, will give a presentation on the developments at Corbion. After this presentation, the questions asked with respect to the Annual Report will be addressed.

Mr. Rigauddiscusses the developments within Corbion. For an explanation, reference is made to the sheets attached to the minutes.

Mr. Vrijsencontinues with the meeting and proceeds with the questions asked regarding the Annual Report 2020.

Questions received from the VBDO

Corbion's materiality analysis indicates that greenhouse gas emissions are one of the top priorities for the company, resulting in the need for an ambitious climate strategy (page 167 Annual Report). VBDOapplauds Corbion's use of a scenario analysis to assess the potential climate-related impacts of a transition risk (<2⁰C) and physical risk (±4⁰C) on parts of its business, in line with the TCFD recommendations (page 174 Annual Report). In terms of mitigation, Corbion confirms that its current emission reduction plans are in line with the Paris climate agreement to keep global warming well below 2⁰C. VBDO asks whether Corbion could commit to go one step further and could set targets in line with the more ambitious 1.5°C scenario.

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Mr. Rigaudanswers that Corbion has approved Science-based targets aligned with the 2C pathway and is committed to achieve a 33% reduction per ton of product of its emissions by 2030, compared to 2016. Corbion has committed to this target end of 2020 and is currently focused on delivering on this commitment. Corbion already achieved an 11% reduction last year. When the target was set, the SBTi did not yet have a method to set a target aligned with the 1.5C scenario. The methodology is available now and Corbion is currently evaluating what is required to increase the ambition to the 1.5C level including a net zero commitment. Before making a firm commitment, it is necessary to fully understand how Corbion can deliver on it. It also is important for Corbion's stakeholders to communicate a clear roadmap when setting such a target.

Corbion has joined the Science Based Targets for Nature (SBTN) corporate engagement program (page 42 Annual Report). Within this program, Corbion will work with other stakeholders to co-create methods and tools for integrated target setting necessary to evaluate biodiversity impacts. VBDOsupports Corbion's steps related to biodiversity and playing its part in building a nature positive future and asks whether Corbion can commit to update its stakeholders annually on developments related the SBTN program but also its own management approach.

Mr. Rigaudexplains that Corbion has joined the Science Based Targets Network corporate engagement program at the end of 2020 to deliver on its commitment to Preserve the planet. As a biobased company, Corbion depends on nature for the production of its renewable, agriculture derived raw materials. Corbion aims to minimize negative impacts on nature and to have a positive impact with solutions such as AlgaPrime DHA, as well as by implementing regenerative agriculture together with supply chain partners.

As part of the SBTN program, Corbion will perform a materiality assessment and value chain mapping to identify key issues, to support and complement its existing Sustainability initiatives. An update on the progress will be provided in the next Annual Report.

Corbion has created mitigation plans for 96% of high-risk suppliers, including supplier engagement, SMETA audits, and identification of alternative raw materials or suppliers (page 37 Annual Report). VBDOwould like to gain more insight in Corbion's supply chain risk management processes and results related to high risk suppliers and asks whether Corbion will start reporting more extensively, either qualitatively or quantitatively, on how it mitigated risks related to labour conditions? VBDO is especially interested in outcomes of mitigation plans, as to illustrate the company's ability to effectively address and reduce potential human rights risks in its agricultural supply chain.

Mr. Rigaudexplains that a significant part of the environmental and social impact in Corbion's value chain is upstream of its own operations. To safeguard an overall positive environmental and social impact of Corbion's sustainable solutions, Corbion needs to ensure its raw materials are sourced responsibly. All raw materials and suppliers are assessed on potential risks related to sustainability in Corbion's security-of-supply assessment, which is updated annually. To increase transparency for Corbion's stakeholders, reporting on the outcome of this assessment was

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started in the 2020 Annual Report. As a next step, qualitative information on the results of the responsible sourcing efforts will be included in the next Annual Report.

VBDOhas not found reference of a commitment towards fair and equal remuneration, either in the Code of Business Conduct, the Diversity Policy, or the Annual Report. A commitment towards equal remuneration signals the intention to reward female employees for their performance the same way their male colleagues would be rewarded, which is especially important in male dominated companies. VBDO asks whether Corbion could commit to include equal pay for equal work in its Code of Business Conduct and report on the gender pay gap for different levels within the entire workforce.

Mr. Rigaudanswers that 2020 Corbion started the communication about its Inclusion & Diversity policy and set specific targets related to gender diversity in senior management positions. Inclusion and diversity awareness workshops were developed which will be implemented in 2021.

As stated in the Code of Business Conduct, Corbion does not tolerate discrimination in any form against any employee or applicant. Fair and equal remuneration is an important aspect of this commitment, and this commitment will be made more specific in the Code of Business Conduct and policies. Reporting on the gender pay gap will be implemented in due time.

Questions received from the VEB

The VEBstates that in the coming years, Corbion is faced with significant investments (capex) and asks how Corbion does expect to meet the financing requirements, given the expectation that the operational cash flow will not be sufficient for the required investments.

Mr. Van Rhedeanswers that the financing structure is regularly evaluated following the short/mid/long term cash flow forecast. For example, in September 2020, a new USPP of U$170M has been signed, amongst others to repay the Revolving Credit Facility and thereby increasing flexibility. There is still quite some headroom in Corbion's debt capacity. Per year end 2020 the Net Debt/EBITDA ratio was 1.7x versus the loan covenants of 3.75x.

The Advance 2025 strategic plan presented at the beginning of last year was based on an average annual investment for a new factory in Thailand of 55 million euro (for the period 2020 - 2022). In 2020 that was approximately 9.8 million euros. The VEBasks to what extent these investments were lower last year than initially forecast and whether Corbion expects any impact on the future growth.

Mr. Van Rhedeanswers that in Advance 2025, the planned investments in 2020 were also relatively low. Corbion is still on track having the gypsum free lactic acid plant ready and operational in 2023. Although the Covid-19 pandemic has some impact on the project timing, so far this has not had major consequences for the 2023 implementation. As communicated earlier, additionally, Corbion is expanding the lactic acid capacity through debottlenecking investments in several of the existing sites as to facilitate growth in the lactic acid markets.

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