Introducing Kerry

© Kerry 2018 | 2Financial Results as of FY 2017 | Enterprise Value as of 14 February 2018

€6.4bnRevenue

€781mTrading Profit

Sales by Region

79% Taste & Nutrition

21% Consumer Foods

88% Taste & Nutrition

12% Consumer Foods

13% Asia-Pacific

42% Americas

45% EMEA

• Kerry is a global leader in taste and nutrition

• UK/ROI leader in branded and customer branded chilled foods

• Revenue €6.4bn

• Enterprise value €17bn*

• Market capitalisation €15bn*

Mission Statement

Through the skills and wholehearted commitment

of our employees, we will be leaders in our markets

– excelling in product quality, technical and

marketing creativity and service to our customers

We are committed to the highest standards of

business and ethical behaviour, to fulfilling our

responsibilities to the communities which we serve

and to the creation of long-term value for all

stakeholders on a socially and environmentally

sustainable basis

© Kerry 2018 | 3

Kerry Group will be:

the world leader in Taste and Nutrition serving the food, beverage and pharmaceutical industries, and

a leading supplier of added value brands and customer branded foods to the Irish, UK and selected international markets

Kerry – Leading to Better over the past 45 yearsOur Food & Beverage Heritage

© Kerry 2018 | 4

1972 1986 1988 1993 1998 2000 2010 2017Kerry Formed

Launch of Kerry Group plc

Acquisition of Beatreme

in USEnter Latin

AmericaEnter

Asia-Pacific

Evolving Technology Platforms

1 Kerry Programme

Global Technology & Innovation Centre

Architecture Complete

Founded in Rich Dairy Heritage – From Food, For Food

Investment in new Technology Platforms

Pioneering Sustainable Approach to Serve Today’s Consumers

DAIRY & SAVOURY INGREDIENTS & FLAVOURS TASTE & NUTRITION

Revenue and Adjusted EPS*

© Kerry 2018 | 5Note: *before brand related intangible asset amortisation and non-trading items | ** restated to reflect the adoption of IAS 19 (2011) Employee Benefits

Adjusted EPS* 1986-2017 (CENT)

Revenue 1986-2017 (€’M)3

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Our Business Structure

© Kerry 2018 | 6

Taste & Nutrition

Consumer Foods

Agribusiness

Americas Region

EMEA Region

Asia-Pacific Region

Ireland

United Kingdom

Selected International Markets

Ireland

Kerry Business Model

© Kerry 2018 | 7

Global & Regional Chains

Channels & Customers

Global & Regional CPG

Emerging/Natural Brands

Global & Regional Retailers (Store Brands)

Kerry Brands

Independent Operators

Brands

Emerging Channels

Pharma

Convenience

Retail

FoodService

Consumer

Authentic TasteDairy, Savoury, Smoke & Grill, Citrus, Tea & Coffee, Beverage & Sweet

Farm ingredients and third party commodities

Foundational Technologies

Nutrition, Wellness & FunctionalityProteins, Fibre, Enzymes, Probiotics, Fermented Ingredients, Texturants

Meat

Dairy

Meals

Snacks

Beverages

Bakery & Confectionery

Cereal & Sweet

Pharma

Product Process Technologies

Development & Applications

Kerry Foresight & InsightConsumer, Customer, Sensory & Analytical, Market and Regulation

Taste & Nutrition Solutions

Culinary & Insights

Integrated Technology Value Creation

Strategic Priorities for Growth

© Kerry 2018 | 8

Authentic Taste

Nutrition, Wellness &

Functionality

Developing Markets Foodservice

Taste & Nutrition Consumer Foods

Core

Adjacencies

New occasions

New channels

New customers

Taste & NutritionKerry is the largest and most technologically advanced developer and provider of taste and nutrition solutions in the world. Kerry has strong customer alliances with leading global, regional and local food, beverage and pharmaceutical companies

€5.2bn

Revenue in 2017

Our leading-edge research in markets and consumer behaviour and our unparalleled expertise in the science of taste allows us to deliver products that nourish and delight consumers

End Use Market

17%ASIA PACIFIC

30%EMEA

53%AMERICAS

73%DEVELOPED

27%DEVELOPING

Regional View

Developed & Developing View

Taste & Nutrition at a GlanceRevenue %

© Kerry 2018 | 10

16% Meat

13% Bakery & Confectionery

12% Cereal, Sweet & Other

11% Meals

10% Dairy

7% Snacks

26% Beverages

5% Pharma

TOTAL FOOD

69%TOTAL FOOD SERVICE

25%

Channel

15% Food Service Chain

8% Food Service Independent Operators

2% Food Service Convenience

75% Retail

$70bn Ingredients and Flavours Market

• Kerry is the largest player in the ingredients and flavours market

• Highly fragmented market growing at 2% to 3% p.a.

• Benefits to being a scale player

• Consolidation potential

© Kerry 2018 | 11Based on most recently published results for ingredients and flavours divisions only

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Today Kerry is Positioned to Play Right Across the Global Marketplace

© Kerry 2018 | 12Source: Kerry Internal Estimates, Euromonitor, RTS Food Trending, MC Allegra, Technomic, Globaldata

Key Insights

• Profound consumer led

food revolution at unprecedented pace

• Highly fragmented

marketplace

• Projected short to

medium term market growth of 1-3%

• Kerry’s Holistic

Business Model

delivering right across all market sectors and

geographies

FOOD€2.2TN

BEVERAGES€2.5TN

FOODSERVICE€3.3TN

Top 10 Globals

Smaller Globals

Regional

Local

Top 10 Globals

Smaller Globals

Regional

Local

Top 10 Globals

Smaller Globals

Regional

Local

How Kerry is Leading to BetterThrough Our Customers’ Lens, Kerry Offers Way More

© Kerry 2018 | 13

Integrated Solutions

Multiple Ingredients

Single Ingredient Offering

Value-add

Foundational Technologies

Drivers of Value-add

Culinary & Insights

Development & Applications

Product Process Technologies

No. 1 investment in R&D

Kerry Taste & Nutrition –Our Unparalleled Go-To-Market Footprint

© Kerry 2018 | 14

RD&A Locations & Commercial Hubs64

Regional Technology & Application Centres6

Global Technology & Innovation Centres2

Naas

Beloit

Campinas

San Juan del Rio

Durban

Shanghai

Singapore

Bangalore

Kerry’s Unique Taste & Nutrition Positioning

© Kerry 2018 | 15

Pure & Simple

Clean Label; Trusted;

No Artificial Ingredients,

Free From

Authentic & Familiar

Cooking Style; Authentic;

Taste of Time; Ethnic

Pleasure &

Indulgence

New Taste; Fine Dining;

Patisserie and

Coffeehouse Experiences

Fresh & Invigorating

Taste without Compromise;

Fresh; Healthy Halo;

Natural Mood

TasteFree From

Food Intolerance;

Low/No/Reduced Lactose;

Gluten Free; Clean/Cleaner Label

Better For You

Reduced Sugar;

Salt and Fat;

Balanced Choice

Tailored For You

Infant and Toddler; Performance

and Healthcare Nutrition;

Weight Management

Good For You

Protein Fortification; Carbohydrate

Quality; Healthy Lipids;

Micronutrient Fortification;

Naturally Good For You

Nutrition

Industry Leading Authentic Taste Delivery Capability

© Kerry 2018 | 16

Market led technical innovation focused on our growth platforms

• Leveraging our Innovation Centres of Excellence

• Guided by an expanded global and local regulatory infrastructure

Activated through our enhanced sensory and analytical capability. Delivering value for our customers both in direct use and through our industry leading applications and culinary expertise

Pro-active investment in complementary Foundational Technologies

DIFFERENTIATED PORTFOLIO OF AUTHENTIC TASTE FOUNDATIONAL TECHNOLOGIES

Enabling Growth Strategies

Research Partners

Leveraging and Strengthening Our Unique Growth Enabling Nutrition, Wellness & Functionality Portfolio

© Kerry 2018 | 17

Market led technical innovation focused on our growth platforms

• Leveraging our Innovation Centres of Excellence and external partners

• Guided by an expanded global and local regulatory infrastructure

Scientific and clinical validation programmes for our nutrition portfolio for differentiation and sustainability

Pro-active investment in complementary Foundational Technologies

DIFFERENTIATED PORTFOLIO OF NUTRITION, WELLNESS & FUNCTIONALITY FOUNDATION TECHNOLOGIES

Enabling Growth Strategies

Research Partners

Probiotics

Immunity

Clean Label | Preservation

Vegetable Protein

Meat Alternatives

Natural Improvers

Global Market Leader in Foodservice Added Value Solutions

Growth Strategies

• Strategic customised deployment of our holistic and

unique Business Model for Foodservice across Global

Chains, Regional and Independent Operators (Brands)

• Aggressive geographical category expansion

• Targeted channel expansion in emerging high growth

sub-channels – Convenience and Healthcare

2017

€1.2bn2018-2022

CAGR

+7%

Some of Our Foodservice Brands

© Kerry 2018 | 18

Kerry is the Leading Partner to the Foodservice Channel

© Kerry 2018 | 19

END TO END EXPERTISELARGEST TECH PORTFOLIO

HOLISTIC PARTNERSHIP MODEL BRANDED & BESPOKE PRODUCT SOLUTIONSCollaboration with our customers

and working with their suppliersExpertise Secondment

InsightsGlobal Technology CentresNutrition Discovery CentresState-of-the-Art Pilot Plants

Equipment knowledge & expertiseCommercialisation Process

Nutritional & Functional Taste Solutions

Systems: Dairy | Culinary | Meat | Cereal & Sweet |Beverage

From authentic source

OUR PEOPLE: CHEFMANSHIP & APPLICATION EXPERTISE

Chef to ChefBaristas & Mixologists

Channel & market specialists

Global & RegionalFood & BeverageTurnkey solutions

Growth StrategiesOrganic and acquisitive

• Winning with rapidly growing Key regional CPG and Retail

players

• Aggressive expansion in Foodservice Channel with Global,

Regional and Independent players (Brands)

• Expand and leverage our Industry Leading Consumer Centric

Customer Application & Product Process Technology

Infrastructure

• On-going strategic deployment of our Unique Kerry Authentic

Taste & Nutrition Solutions Business Model

2017

€1.3bn2018-2022

CAGR

+10%

we are the largest…

fastest growing…&

In our Industry

Targets for Growth

APMEA

Greater ChinaIndiaIndonesiaMalaysiaPhilippinesThailand

EUROPE

RussiaEastern Europe

AMERICAS

BrazilMexicoCentral AmericaSouth ConeAndean

VietnamSouth AfricaWest & East AfricaNigeriaMiddle EastTurkey

Global Market Leader in Developing Markets

© Kerry 2018 | 20

Consumer FoodsKerry Foods is a market leading supplier of added-value branded and customer branded chilled food products to the Irish, UK and selected international markets

€1.3bn

Revenue in 2017

Kerry Foods portfolio of consumer branded products includes over 20 high profile brands across three major market sectors; Meat & Savoury Products, Meal Solutions and Dairy Products

Consumer Foods at a Glance

© Kerry 2018 | 22

Category Brands & Customers Channels

FOOD-TO-GOEVERYDAY FRESH

CONVENIENCE MEALSOLUTIONS

ONLINE

OUT OF HOME

SUPERMARKETS

CONVENIENCE/ HIGH STREET

Diversified Product Portfolio

© Kerry 2018 | 23

Category Key Products Market Positions

EVERYDAY FRESH(Meat and Dairy)

€10.5bn

CONVENIENCE MEAL SOLUTIONS

€4.3bn

FOOD-TO-GO

€12bn

• #1 Sausage Brand GB and Ireland

• #1 Cooked Meats Brand Ireland

• #1 Dairy Spreads Brand in Ireland

• #1 Cheese Brand in Ireland

• #1 Customer Brand Dairy Spreads in GB

• #1 GB Customer Brand Convenience Meal Solutions

• #1 Kids Cheese Snack Brand in GB

• #1 Meats Snack Brand in GB

No.1position

across our categories

Emerging Leader in

Food-to-go

Delivering Growth via Innovation for Today’s Marketplace

© Kerry 2018 | 24

Authentic TastesNew Health - Free From, Natural and Clean Living

Convenience

Leveraging Key Consumer Trends

25

SustainabilityKerry is committed to the highest standards of business and ethical behaviour to fulfilling our responsibilities to the communities which we serve and to the creation of long term value for all stakeholders on a socially and environmentally sustainable basis

Environment Sustainability

Marketplace Sustainability

Workplace Sustainability

Community Sustainability

Our Sustainability Framework

www.kerrygroup.com/sustainability

‘Securing Sustainable Growth’Embedding Sustainability in Our Business

© Kerry 2018 | 26

Kerry’s sustainability plan represents a journey of continuous improvement

– an ongoing process and strategy to secure sustainable growth

It offers Kerry Group a framework through which to ensure the long-term development of the organisation by building competitiveness, while at the same time enhancing the quality of life and protecting our natural resources

• Integrated in 1 Kerry strategies and operational activities

• Directed and governed by our Kerry Sustainability Council

• Groupwide time-bound, quantified targets established to measure progress

ENVIRONMENT SUSTAINABILITY

MARKETPLACE SUSTAINABILITY

WORKPLACE SUSTAINABILITY

COMMUNITY SUSTAINABILITY

SECURING SUSTAINABLE GROWTH

Groupwide time-bound, quantified targets established to measure progress

Kerry’s ‘Towards 2020’ Programme

© Kerry 2018 | 27

• A comprehensive programme for sustainable growth

• Four critical areas of focus which reflect global concerns and issues of material importance to our

shareholders, employees and suppliers, translated into actions that help direct our day-to-day activities

• Directed by Senior Leadership through the Kerry Sustainability Council, with functional responsibility for

implementation that embeds sustainability within the business

Environment

Climate Change

Resource Efficiency

Waste Reduction

Marketplace

Nutrition and Health

Responsible Sourcing

Product Quality

Workplace

Our People

Business Ethics

Health and Wellbeing

Community

Social Impact

Economic Development

Shared Purpose

Strategic Targets (2018–2022)On average across the 5 years

© Kerry 2018 | 28*Assumes constant currency I TSR = Total Shareholder Return I Cash conversion is expressed as a percentage of adjusted earnings after tax

Adjusted EPS and ROACE are calculated before brand related intangible asset amortisation and non-trading items (net of related tax)

GrowthVolume Growth Margin Expansion

Taste & Nutrition 4% to 6% p.a. Taste & Nutrition 40 bps p.a.

Consumer Foods 2% to 3% p.a. Consumer Foods 20 bps p.a.

Group 3% to 5% p.a.** Group 30 bps p.a.

**Assumes 2% above market growth rate

Adjusted EPS* +10% p.a.

ReturnROACE 12%+ Cash conversion >80%

Relative TSR – outperforming peers