INTRODUCING KERRY

KERRY WORLDWIDE SALES BY REGION 2012

› Kerry is the global leader in

food ingredients & flavours

› UK/ROI leader in branded

and customer branded

chilled foods

› Revenue €5.8bn

› Enterprise Value €9bn*

› Market Capitalisation €8bn*

Note: * As at 31-03-2013

Ingredients & Flavours €4,225m Consumer Foods €1,712m

Ingredients & Flavours €508m Consumer Foods €133m

Consumer Foods 29%

Ingredients & Flavours 71%

Consumer Foods 21%

Ingredients & Flavours 79%

REVENUE 2012 TRADING PROFIT 2012

› Operations in 24 countries

› Sales to 140 countries

› 140 manufacturing sites

› 24,000 employees

Ingredients & Flavours Consumer Foods

Americas 31%

Asia-Pacific 12% EMEA 57%

MISSION STATEMENT

Kerry Group will be:

– the world leader in food ingredients and flavours serving the food and beverage

industry, and

– a leading supplier of added value brands and customer branded foods to the Irish

and UK markets

Through the skills and wholehearted commitment of our employees, we will be

leaders in our selected 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

BUSINESS DEVELOPMENT

› 1972 Foundation as dairy processing company in Listowel, Ireland

Dairy protein technology – US market focus

› 1974 Formation of Kerry Co-operative Creameries Ltd

› 1972 - 80 Organic growth

Development of dairy business

› 1980 Strategy for the ’80’s

Diversification

Growth through acquisition

– Ingredients – US, Europe

– Foods – Ireland, UK

› 1986 Stock market flotation of Kerry Group plc

Significant acquisitions followed

› Ingredients & Flavours Progressive development of technology leadership

Savoury & Dairy, Cereal & Sweet, Beverage Systems

› Consumer Foods Establishment of brand leadership

Selected private label growth categories

KERRY’S MAJOR ACQUISITIONS

› 1988 Beatreme Food Ingredients US$130m

› 1994 DCA US$400m

› 1998 Dalgety Food Ingredients Stg£243m

› 2001 Golden Vale €391m

› 2004 Quest Food Ingredients US$440m

› 2005 Noon Stg£124m

› 2009 Breeo Foods €140m

› 2011 Cargill’s flavour business US$230m

NOTE: KERRY GROUP HAS ACQUIRED APPROXIMATELY 100 SMALL TO MID-SIZED BUSINESSES

ACQUISITIONS 1987-2012

19 Food companies

including Mattessons, Wall’s, Golden Vale, Noon Products, Breeo Foods, Headland Foods

89 Food ingredients, flavour, foodservice companies

Can Pan Candy

Fountainhead Manufacturing

QA Products Inc

X-Café LLC

PT Armita

Prima S.A.

Dera Holding NV

IPM Foods

NutraCea’s cereal ingredients

Tea Wave

Agilex Flavors

GM’s Australian lifestyle bakery

KMC Foods

Newmarket Creameries

SpringThyme Oils

Caffe D’Amore

CF Chefs

EBI Cremica

General Cereals S.A.

Cargill’s flavour business

SuCrest GmbH

FlavourCraft

Lactose India

IJC Fillings

Millennium Foods

Griffith do Brasil

Big Train

Angsana Food Industries

Food Spectrum Group Pty

Stearns & Lehman

Ringger Foods

Roskam

IDSA

EBI

Rector Foods

IFI

St Louis Flavors

Metarom

SunPure

Pacific Seasonings

Guernsey Bel

Crystals International

Da Vinci Gourmet

Oregon Chai

Extreme Foods

Quest Food Ingredients

Cremo Ingredients

Flavurence

Laboratorios Krauss

Fructamine

Manheimer

Ernsts Food Ingredients

Lanli Food Industry Company

Custom Industries

Nuvex Ingredients

Titusfield Ltd

Sugar & Spice

Shanghai Vega Fragrance & Flavour

Presco Food Seasonings

Kerry Jackson

Beatreme Food Ingredients

Dairyland Products

Malcolm Foods

Research Foods

SPI Foods Inc.

Kerry de Mexico

DCA, DCA Solutech

Ciprial S.A.

SDF Foods

Dalgety Food Ingredients

Star & Arty Ingredientes

Burns Philp Ingredients Div.

Três Corações

Tukania Gmbh

Shade Foods (SFI)

York Dragee

Armour Food Ingredients

Alferi Laboratories Inc.

Corol S.A.

Creative Seasonings

Iowa Soy

San Giorgio Flavours

Tingles Ltd

Nutrir S.A.

Geneva Flavours

Hickory Flavours

Voyager Foods

Siber

Aromont S.A.

REVENUE AND ADJUSTED* EPS 1986-2012

ADJUSTED* EPS 1986-2012 (cent)

337 370 504 710 742

959 1,050 1,117 1,121 1,523 1,566 1,707

2,200 2,456 2,622

3,003

3,755 3,693 4,129

4,430 4,646 4,788 4,791

4,521 4,960

5,302

5,848

0

1000

2000

3000

4000

5000

6000

7000

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

7.6 8.4 12.7 16.3 17.6 21.1 23.0 25.9 28.9 35.8 38.7 46.7

57.4 68.0

79.2 87.9

101.8 112.1

122.3 130.8 132.8

142.4 151.8

163.9

192.1

213.4

234.0

0.0

50.0

100.0

150.0

200.0

250.0

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Note: * before brand related intangible asset amortisation and non-trading items. From 2011, with 2004 to 2010 re-presented, computer software is treated as a cost in calculating adjusted EPS

REVENUE 1986-2012 (€M)

OUR BUSINESS STRUCTURE

Ingredients & Flavours Consumer Foods Agribusiness

Americas Region Ireland Ireland

EMEA Region The UK

Asia-Pacific Region

KERRY GROUP – WORLDWIDE LOCATIONS

* As at 31/12/2012

Head Offices Manufacturing Plants Sales Offices

EXTENSIVE MANUFACTURING (#140) AND SALES FOOTPRINT SUPPORTS SALES TO 140 COUNTRIES

$50BN INGREDIENTS AND FLAVOURS MARKET

REVENUE $BN (1)

› Kerry is the largest player

in the ingredients and

flavours market

› Highly fragmented, but

growing market at 2% to

3% p.a.

› Benefits to being a scale

player

› Consolidation potential

(1) Source: most recently published full year results for ingredients and flavour divisions only, Kerry estimates.

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TASTE & NUTRITION SYSTEMS

KERRY INGREDIENTS & FLAVOURS: OUR CAPABILITIES

CEREAL & SWEET

BEVERAGE DAIRY &

SAVOURY

› Dairy Flavour Solutions

› Customised Dairy Ingredients

› Cultured Dairy Ingredients

› Culinary Sauces

› Culinary Ingredients

› Snacks Seasonings

› Savoury Flavour Solutions

› Meat Coating Systems

› Functional Meat Solutions

› Meat Seasonings

› Creaming Lipid Systems

› Texture & Stabilizer Systems

› Whipping & Emulsification Systems

› Emulsifiers

› Cereal & Sweet Flavour Solutions

› Cereal Agglomerates › Expanded Cereal

Shapes › Baked & Dough Sweet

Products › Chocolate &

Compounds › Confections & Coated

Sweets › Sweet Particulates › Wet Sweet Systems

› Beverage Flavour Solutions

› Beverage Sauces & Syrups

› Beverage Systems

› Liquid Smoothies & Juices

› Tea & Coffee Concentrates

› Beverage Ingredients & Extracts

NUTRITION LIPIDS &

TEXTURANT SYSTEMS

› Nutritional Beverages

› Infant Nutritional Bases

› Complete Infant Formula

› Complete Infant Cereal

FUNCTIONAL INGREDIENTS & ACTIVES

› Enzymes

› Fermented Ingredients

› Pharma Excipients

› Media Ingredients

› Specialised Functional Proteins

› Proteins Hydrolysates

› Protein Fractions

› Prebiotics, Probiotics & Metabolites

KERRY INGREDIENTS & FLAVOURS: OUR APPROACH

FLAVOUR

FORMING & SHAPING

Cold Form Extrusion Direct Expansion Extrusion Forming & Moulding

FUNCTIONAL

Fermentation Evaporation & Centrifugation

Ultrafiltration

CORE PROCESSES

Spray Drying Extrusion Baking etc…

Encapsulation/Compounding

Extraction Pyrolysis

PROCESSING CAPABILITY BRINGING TOGETHER KERRY’S

GLOBAL CAPABILITIES TO DEVELOP

AND DELIVER CONSUMER-

PREFERRED SOLUTIONS FOR OUR

CUSTOMERS

MARKET & CONSUMER

INSIGHTS

CULINARY EXPERTISE

SENSORY & ANALYTICAL

SCIENCE

TECHNOLOGY & PRODUCT GROUPS

END USE MARKET APPLICATIONS

FUNCTIONAL INGREDIENTS & ACTIVES

DAIRY & SAVOURY

CEREAL & SWEET

BEVERAGE

LIPIDS & TEXTURANT

SYSTEMS NUTRITION

› Kerry Ingredients & Flavours develops, manufactures and delivers innovative taste systems, functional and nutritional ingredients and integrated solutions for the food, beverage and pharmaceutical markets

› The largest player in the ingredients and flavours market

› 2012 revenues were €4.2bn

› The customer derives maximum synergies through utilising Kerry’s broad range of food and beverage technologies, applications and culinary expertise and processing capabilities

› No. 1 position in Savoury & Dairy and Cereal & Sweet and key leading positions in Beverage, Pharma and Functional Ingredients

Savoury & Dairy Systems &

Flavours 44%

Cereal & Sweet Systems &

Flavours 20%

Beverage Systems & Flavours

17%

Pharma/Functional Ingredients

9%

Regional Ingredients 10%

BUSINESS DESCRIPTION

TECHNOLOGY END USE MARKET

KERRY INGREDIENTS & FLAVOURS REGION

Beverage 22%

Meats 18%

Bakery 13%

Dairy 9%

Soups, Sauces & Dressings 7%

Cereal & Bars 6%

Prepared Meals & Side Dishes 6%

Savoury Snacks 5%

Ice-cream & Desserts 4%

Confectionery 4%

Pharma 4%

Appetisers 2%

Americas 44%

EMEA 39%

Asia-Pacific 17%

KERRY’S LEADING TASTE POSITION

FOOD & BEVERAGE FOCUSED

NO.1 GLOBALLY FOR TASTE & INGREDIENT SOLUTIONS

TOP 5 PLAYER IN GLOBAL

FLAVOURS

BREADTH OF APPLICATIONS &

SENSORY EXPERTISE

147.5 147.8 156.4 167.1 185.9

4.7% 4.9% 4.6% 4.5% 4.4%

-100.0%

-80.0%

-60.0%

-40.0%

-20.0%

0.0%

0

20

40

60

80

100

120

140

160

180

200

220

2008 2009 2010 2011 2012

R&D Expenditure % of KIF Revenue*

› Best-in-class global development and

applications model

› Layer and leverage development and

process capability

› Raw material category technology

management

› Ensure regional development and

management of customised system

technologies while maintaining global

alignment

› Develop flavours and technical ingredients

platforms globally with regional product

management and application

› Significant investment in technology know-

how and applications via acquisitions

› Execute through Kerry Global Technology &

Innovation Centres supported by Regional

Development & Application Centres

Note: * 2008 to 2010 re-presented in line with management reporting changes

R&D EXPENDITURE

GLOBAL TECHNOLOGY & INNOVATION CENTRES

GLOBAL TECHNOLOGY APPLICATION AND CULINARY LEADERSHIP – DRIVE GLOBAL ALIGNMENT

San Juan del Rio

Beloit Dublin

Johor Bahru Shanghai

KERRY INGREDIENTS & FLAVOURS BUSINESS GROWTH STRATEGIES

ACCELERATE GROWTH IN DEVELOPING

MARKETS

DRIVE GLOBAL ALIGNMENT

› Global Customer &

Market Management

› Global Technology &

Application Leadership

› Global Process

Manufacturing &

Supply Chain

Leadership

› Leading-Edge Quality

Supplier

LEVERAGE CAPABILITIES & GROW EXPERTISE

› Effective & Efficient

Functional Expertise

› Best-in-Class Talent

Management

› Asia Pacific

› Latin America

› Europe, Middle East,

Africa

› Continue to maximise

organic growth

opportunity

› Technology layering and

cross-selling

opportunities

› Continue to expand

geographic market base

› Maximise opportunities

through global customer

alliances

› Increase market focused

innovation

› Continuous efficiency

gains to drive margin

growth

› Core to this strategy is

the successful execution

of 1 Kerry

KERRY’S NUTRITION AND HEALTH POSITIONING

FORMULATION & APPLICATIONS EXPERTISE

Leading Portfolio of Nutritional Ingredients

& Actives, Nutrition Enabling Technologies & Nutritional Delivery

Systems

NUTRITIONAL INGREDIENTS & ACTIVES

Ingredients with a direct nutritional impact

NUTRITION ENABLING TECHNOLOGIES

Ingredients that address adverse impact on taste, texture etc. caused by the addition

or removal of a nutrition component

NUTRITION DELIVERY SYSTEMS

Process or integrated solutions that delivers nutritional components to the

customer

› Modulation Technology

› fmt® – salt

› fmt® – sugar

› Micronized salt for salt reduction

› Taste systems

› Texture Systems

› EMC and Flavours

› No Boil Over (microwave)

› Fermented Ingredients

› Enzymes

› Never-fry Coating Systems

› Dry Nutritional Bases

› RTD Beverages

› Yoghurt

› Creamers

› Formed Foods

› Oatmeal

› Confections

› Snacks

› Granola

› Clusters

› Soy Crisps

› Milk Protein Isolates

› Milk Protein

› Concentrates

› Mineral-enriched Proteins

› Beta Casein Fractions

› Comfort Proteins

› Hypoallergenic Protein Hydrolysates

› Gum Acacia

› Fermented Celery (natural nitrate source)

› Stabilised Grain Base

Undisputed Food Heritage

In-depth Understanding of Biological Sciences

World Class Applications Expertise

Global Footprint

PROGRESSING OUR DEVELOPING MARKETS STRATEGY

KERRY GROUP REVENUE IN DEVELOPING MARKETS €1 BILLION

23% OF INGREDIENTS & FLAVOURS REVENUE

ASIA-PACIFIC

CHINA

› Investment in Shanghai, Songjiang

and Hangzhou

INDIA

› Commissioning new manufacturing

facilities

SEA

› Expanding manufacturing footprint

EMEA

SOUTH AFRICA

› Strong footprint established.

Acquisition of FlavourCraft,

Orley Foods

RUSSIA AND EASTERN EUROPE

› Extending commercial structure

MIDDLE EAST

› Investment in Regional Development

and Applications Centre

LATAM

› Deployment of all Group technologies

to region

› Investment in capabilities and

infrastructure

› Strong customer engagement through

San Juan del Rio Technology &

Innovation Centre

Kellogg's

McCain

Birds Eye

Warburtons

Danone

Gerber

Samworth

Cranswick

Moy Park

Heinz

Greencore

United Biscuits

Princes

Findus

Unilever

Mars

Tulip

Muller

Dairy Crest

Morrisons Produce

Arla

Kerry Foods

Bakkavor

ABF

Pepsico

Nestle

Coke

Boparan

Kraft

Vion

Premier

A LEADING PLAYER IN GB/IRELAND FOOD & BEVERAGE FOCUSED ON CHILLED FOODS MARKETS

Nestle

IDB

Kraft

Boparan

Arla

Dairy Crest

Unilever

Danone

Muller

Vion

Cranswick

Samworth

Tulip

Greencore

Bakkavor

Kerry Foods

Source: OC&C, Nielsen, Kantar, company reports, Kerry estimates

FOOD & NON ALCOHOLIC BEVERAGE

TURNOVER GB/IRELAND ESTIMATED MARKET

SIZE €115BN

GB/Ireland turnover in: Chilled Ready Meals, Ready to Cook, Cooked Meats, Sausage, Rashers, Pastry, Yellow Fats, Cheese, Yoghurts, Desserts, Pizza, Pasta, Sauce, Soup, Sandwiches.

CONSUMER FOODS COMPETES IN CHILLED

FOODS MARKETS

BRAND PRIORITIES

CORPORATE PRIORITIES

LOCAL BRANDS

OTHERS

DIVERSIFIED PRODUCT PORTFOLIO AND STRONG MARKET POSITION

CONSUMER FOODS – ADDED VALUE CHILLED CATEGORIES

Segment Markets Key Products Market Position

› #1&2 breakfast product brands in Ireland

› #1&2 cooked meat brands in Ireland

› #1&2 sausage brands in GB

› #2 (fastest growing) meat snacking brand

in GB

› #2 customer brand pastry in GB

› Largest branded dairy supplier in Ireland

› #1 spreads brand in Ireland

› #1 cheese brand in Ireland

› #1 kids cheese snack in GB

› #1 customer brand dairy spreads and RTE

cheese in GB

› #1 GB customer brand supplier of

› – chilled ready meals

› – frozen ready meals

› – ready to cook

GB Cheese

GB Yellow Fats

Ireland

GB Cooked Meats

GB Pastry

GB Rasher

GB Sausage

Ireland

GB Chilled Ready Meals

GB Ready to Cook

GB Frozen Ready Meals

Ireland

MEAT & SAVOURY PROVISIONS €6.8bn

DAIRY PRODUCTS €5.0bn

MEAL SOLUTIONS €3.6bn

KERRY FOODS STRATEGY

› Increased focus on core branded and customer branded

offerings

› Differentiated portfolio of products

› Demonstrating brand values and quality of our products

› Leverage Kerry technological advantage

› Branded meat and dairy snacking, and convenience

products

› Increased innovation in core product areas

› Extend European market development

› Cheestrings growth in France, Germany, The Netherlands

and Poland

› Optimise customer/channel alignment

› Leveraging promotions’ management expertise

› Connecting with today’s shoppers

1 KERRY BUSINESS TRANSFORMATION

OPERATING MODELS BUSINESS STRATEGIES

Kerry Ingredients

& Flavours

‘Go-to-market Strategy’

Kerry Foods

‘Go-to-market Strategy’

KERRYCONNECT

‘Enabling better business’

Standardised ways of

working

Common data

Integrated ICT system

Driving market leadership

and global alignment

Optimising scale and

efficiency benefits

Building talent for a

global organisation

ACQUISITION AND DEVELOPMENT STRATEGY

KERRY INGREDIENTS & FLAVOURS KERRY FOODS

TASTE

NUTRITION DEVELOPING

MARKETS

KERRY INGREDIENTS & FLAVOURS Savoury & Dairy Cereal & Sweet

Beverage Pharma | Functional

Meat & Savoury

Dairy Products

Meal Solutions

NEW CHILLED

CATEGORIES

EU MARKETS SELECTED

NICHES

OUR STRATEGY FOR GROWTH

KERRY BUSINESS MODEL

Kerry Business Model delivering for the Group

1 KERRY 1 Kerry Business Transformation – platform for growth

Investing for the future

INGREDIENTS & FLAVOURS

Kerry’s leading taste positioning

Delivering across nutritional space

Global technology and innovation leadership

Developing Markets strategic growth plan

SUSTAINABILITY Securing sustainable growth

1 Kerry Sustainability Programme

KERRY FOODS Investment in brand leadership and technologies

ENVIRONMENT ECONOMIC

SOCIAL

Bearable Equitable

Sustainable

Viable

‘SECURING SUSTAINABLE GROWTH’ EMBEDDING SUSTAINABILITY IN OUR BUSINESS

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

MARKET SUSTAINABILITY

WORKPLACE SUSTAINABILITY

COMMUNITY SUSTAINABILITY

SECURING SUSTAINABLE GROWTH

LONG TERM TARGETS (5 YEARS 2013 – 2017)

GROWTH

› Adjusted EPS* Growth +10% p.a.

Achieved by:

› Revenue Growth (LFL Volume) Kerry Ingredients & Flavours 4% to 6% p.a.

(including emerging markets 10% p.a.)

Consumer Foods 2% to 3% p.a.

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

› Margin expansion Kerry Ingredients & Flavours 50 bps p.a.

Consumer Foods 20 bps p.a.

Group 30 bps p.a.

(+ an additional 100 bps at end of Kerryconnect project)

› Financial and Tax Leverage Structures aligned with 1 Kerry model

RETURN

› ROACE* 12%+ CFROI 12%+ ROAE* 15%+

* Before brand related intangible asset amortisation and non-trading items (net of tax) ** Assumes market growth rate of 2% to 3% p.a. and neutral currency and raw materials