AAK Annual Report 2020

• Tim Stephenson was appointed President Global Sourcing & Trading in January. Tim has held vari- ous senior positions during his 25 years with the company. He has also been a board member of the Roundtable on Sustainable Palm Oil (RSPO) since 2003. • In early March, we announced that we had acquired 75 percent of NPO Margaron LLC, based in St. Petersburg, Russia. Margaron has been a trusted toll manufacturer to AAK for more than a decade. Russia, together with the CIS countries, is one of the world’s largest chocolate and confectionery markets with great potential for our Special Nutrition, Bakery, and Dairy segments (picture to the right). • Sten Estrup was appointed President Asia in April. Sten joined AAK with more than 25 years of proven track record across the food and health industries, holding executive roles within operations, sales, marketing, and commercial development. • At the end of June, we initiated structural measures that will generate annual savings of about SEK 150 million and that are expected to reach full run-rate by the second half of 2021. The cost optimizations are fully in line with our strategic direction. • In October, we further strengthened our position in the Indian market as we acquired the remaining 31 percent of the shares of AAK Kamani, the joint venture between AAK and Kamani Oil Industries Pvt Ltd. that was formed in 2015. AAK now owns 100 percent of AAK Kamani. • To accelerate innovation and drive further growth within the plant-based foods market, AAK joined the MISTA innovation platform, based in San Francisco, USA, in November. MISTA brings together the expertise of larger food and ingredients companies and selected start-ups to optimize ideas, products, people and investments within the food and bever- age industries. • In November, we also announced that we will establish a Plant-based Foods Global Center of Excellence on our premises in Zaandijk, the Nether- lands. The investment reaffirms our commitment to grow our presence in this dynamic and fast-paced category. The center is expected to be operational by the end of 2021. • In connection with our annual Capital Market Day in November, we presented the new AAK purpose, Making Better Happen™. The choice to be a purpose- driven business is rooted in our belief that long- term, sustainable growth goes hand-in-hand with making a positive impact. • In December, we announced that we have com- mitted to set science-based emissions reduction targets through the Science Based Targets initiative, consistent with keeping global warning to 1.5°C above pre-industrial levels. This commitment is part of our overall commitment to make better sustaina- bility happen. AAK 5 Annual Report 2020