Introducing Kerry: the world’s Leading Taste & Nutrition Company

© Kerry 2019 | 2Note: *Financial Results as of FY 2018 | Enterprise Value as of 15-2-2019

€6.6bnRevenue

€806mTrading Profit

80% Taste & Nutrition

20% Consumer Foods

89% Taste & Nutrition

11% Consumer Foods

• Kerry makes better food in a better way for

a better future

• UK/ROI leader in branded and customer

branded chilled foods

• Revenue €6.6bn

• Enterprise value €18bn*

147PRODUCTION

LOCATIONS

€18bn*

ENTERPRISE VALUE

25,000+EMPLOYEES

140+SALES IN OVER

140 COUNTRIES

Mission Statement

Through the skills and wholehearted commitment

of our employees, we will be leaders in our markets

– excelling in service to our customers through

product quality, technical and marketing creativity

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 2019 | 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 – Our Food and Beverage Heritage

© Kerry 2019 | 4

1972 1986 1988 1993 1998 2000 2010 2017

Rich dairy heritage ‘From Food, For Food’

Investment in new technology platforms

Unique Business Model

DAIRY & SAVOURY INGREDIENTS & FLAVOURS TASTE & NUTRITION

Kerry Formed Launch of Kerry Group plc

Acquisition of Beatreme

in US

Enter Latin America

Enter Asia-Pacific

Evolving Technology Platforms

1 Kerry Programme

Global Technology & Innovation Centre

Architecture Complete

+ +

Revenue and Adjusted EPS*

© Kerry 2019 | 5Note: * before brand related intangible asset amortisation and non-trading items (net of related tax). From 2011, with 2004 to 2010 re-presented, computer software is treated as a cost in calculating adjusted EPS

Adjusted EPS* 1986-2018 (CENT)

Revenue 1986-2018 (€’M)3

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Our Business Structure

© Kerry 2019 | 6

Taste & Nutrition

Consumer Foods

Agribusiness+

Primary Dairy

Americas Region

Europe Region

APMEA Region

Ireland

United Kingdom

Selected International Markets

Ireland

Kerry Business Model

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

© Kerry 2019 | 7

Strategic Priorities for Growth

© Kerry 2019 | 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

€5.4bn

Revenue in 2018

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

21%APMEA

27%EUROPE

52%AMERICAS

73%DEVELOPED

27%DEVELOPING

Regional View

Developed & Developing View

Taste & Nutrition at a GlanceRevenue %

© Kerry 2019 | 10

17% Meat

11% Bakery & Confectionery

10% Cereal, Sweet & Other

13% Meals

10% Dairy

8% Snacks

26% Beverages

5% Pharma

TOTAL FOOD

69%TOTAL FOOD SERVICE

27%

Channel

16% Food Service Chain

9% Food Service Independent Operators

2% Food Service Convenience

73% Retail

$70bn Ingredients and Flavours Market

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

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

• Benefits to being a scale player

• Consolidation potential

© Kerry 2019 | 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 2019 | 12Source: Kerry Internal Estimates, Euromonitor, RTS Food Trending, MC Allegra, Technomic, GlobalData

Key Insights

• Profound consumer led

food revolution accelerating

• 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

Our Business Model

© Kerry 2018 | 13

Adding Value by offering so much more to our customers

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 2019 | 14

2Global Technology & Innovation Centres

6Regional Technology

& Application Centres

68RD&A Locations &Commercial Hubs

Naas

Beloit

Campinas

San Juan del Rio

Durban

Shanghai

Singapore

Bangalore

© Kerry 2019 | 15

Taste Nutrition

Underpinned by 5R Clean Label Strategy

Enabled by our Taste & Nutrition Discovery Centre

Unique Taste & Nutrition Positioning

Taste Nutrition

20Research Partners

80+Research

Papers

100+Nutrition Articles

50+Blog

Articles

13White Papers

6Specialised Webinars

Scientific Advisory Council

Replace Reinvent Reduce Remove Reposition

ConsumerInsights

Kerry CompassKerry Consumer First

Kerry FocusConsumer

Radar

Eat the Streets

Kerry Trendspotting

2.0

Industry Leading Authentic Taste Delivery Capability

© Kerry 2019 | 16

Market led technical innovation focused on our growth platforms

Leveraging our • Innovation Centre of Excellence architecture

• Global and local regulatory infrastructure

• Advanced sensory and application capabilities

• Leading applications and culinary expertise

We will continue to proactively invest in• The development of our technology platforms

• Acquiring complementary technologies

Authentic Taste Foundational Technology Platforms

Enabling Growth Strategies

Research Partners

™

Industry Leading Nutrition, Wellness & Functionality Portfolio

© Kerry 2019 | 17

Market led technical innovation focused on our growth platforms

Leveraging our

• Innovation Centre of Excellence architecture and external

partners

• Guided by an expanded global and local regulatory infrastructure

• Scientific and clinical validation programmes

We will continue to proactively invest in

• The development of our technology platforms

• Acquiring complementary technologies

Enabling Growth Strategies

Research Partners

Clean Label | Preservation

Vegetable Protein

Meat Alternatives

Natural Improvers

Nutrition, Wellness & Functionality Foundational

Technology Platforms

Global Market Leader in Foodservice – Added Value Solutions

Enabling 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

2018

€1.4bn2018-2022

CAGR

+7%

Sample of Our Foodservice Brands

© Kerry 2019 | 18

Kerry is the Leading Partner to the Foodservice Channel

© Kerry 2019 | 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 and expertiseCommercialisation process

Nutritional & Functional Taste Solutions

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

From authentic source

OUR PEOPLE: CHEFMANSHIP & APPLICATION EXPERTISE

Chef to chefBaristas and mixologists

Channel & market specialists

Global and RegionalFood and 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

2018

€1.4bn2018-2022

CAGR

+10%

Targets for Growth

APMEA

Greater ChinaIndiaIndonesiaMalaysiaPhilippinesThailand

EUROPE

RussiaEastern Europe

AMERICAS

BrazilMexicoCentral AmericaSouthern ConeAndean

VietnamSouth AfricaWest & East AfricaNigeriaMiddle EastTurkey

Global Market Leader in Developing Markets

© Kerry 2019 | 20

In our industry we are the

largest and

fastest growing

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 2018

The 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)

€11.5bn

CONVENIENCE MEAL SOLUTIONS

€4.4bn

FOOD TO GO

€15bn

• #1 Sausage Brand in GB and Ireland

• #1 Cooked Meats Brand in 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 and 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

Environmental Sustainability

Marketplace Sustainability

Workplace Sustainability

Community Sustainability

Our Sustainability Framework

www.kerrygroup.com/sustainability

Sustainability Governance

© Kerry 2019 | 26

Environment

Kerry Sustainability Council

Marketplace Workplace Community

Chief Executive

Board of Directors

Climate Change

Resource Efficiency

Waste Reduction

Nutrition and Health

Responsible Sourcing

Product Quality

Our People

Business Ethics

Health and Wellbeing

Social Impact

Economic Development

Shared Purpose

Four areas of focus, reflecting issues of material importance with associated actions that direct day to day activities

2727© Kerry Group 2019 |

‘Towards 2020’ – Key Highlights 2018

Sustainability Pillars

Climate Change Resource EfficiencyWaste Reduction

Nutrition & HealthResponsible SourcingProduct Quality

Our PeopleBusiness Ethics Health & Wellbeing

Social ImpactEconomic DevelopmentShared Purpose

REDUCTION IN CARBON

INTENSITY

Versus 2013 base year

REDUCTION IN WASTE

INTENSITY

Versus 2013 base year

RESEARCH, DEVELOPMENT

& APPLICATION

Industry leading investment

RESPONSIBLE SOURCING

Certification of milk suppliers

maintained at

HEALTH & SAFETY

Year-on-year reduction in

reported incidents

LEARNING &

DEVELOPMENT

Courses completed

SPECIAL OLYMPICS

New partnership to support

athletes over

CONCERN RAIN PROGRAMME

Commitment to tackling

malnutrition

16.4% €275m 8% €1m

22.7% 100% >102,000 2 YEARS

Environmental Sustainability

Marketplace Sustainability

WorkplaceSustainability

CommunitySustainability

Group Medium Term Targets (2018 – 2022)On average across the 5 years

© Kerry 2019 | 28*Assumes constant currency and neutral raw material costs 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